ONE of Scotland's premier shopping centres has been sold in a #35m
deal to English-based GUS Property Management.
The Forge at Parkhead in Glasgow was developed by Arlington Retail and
opened in October 1988. Despite the recession, the centre has fulfilled
the promise in its five-year plan and is now almost fully let with
Boots, Mothercare, and Lunn Poly among the latest recruits.
The jobs of the centre's 2000 staff will not be affected and manager
Mr Vincent Lochrie said: ''This is very good news for the centre. It is
traditional for a developer to hang on to property for a limited period
and we were always working to a five-year plan.
''I am confident that a retail-orientated company like GUS is the
right one to take The Forge forward into the next phase of its growth.''
The expanded Forge has cost in the region of #40m to complete but
Arlington, which has collected rent for five years and built up freehold
and long lease values to some #700m, will have made a comfortable profit
on the deal.
Despite a slow start to the centre's development, it is now one of the
most vibrant in Britain with a large Asda store and various leading
retailers attracting 300,000 shoppers a week. There is also a
multi-screen cinema complex operated by MGM and a Macdonalds restaurant.
Mr David Aspin, managing director of Arlington, said: ''This is an
excellent deal for both parties. Having completed its development cycle,
The Forge is now a mature and highly successful shopping centre.''
There is a new phase of The Forge on the drawing board but Mr Colin
Knott, spokesman for GUS Property Management, part of the Great
Universal Stores group, said: ''We cannot comment yet on future plans.
We are evaluating all options.''
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