ABERDEEN-based property development and investment company West Coast Estates has completed the acquisition of a major commercial opportunity in St Andrews.
Craigtoun Park, which has an estimated completed development value of approximately £25 million, is a seven-acre mixed-use development comprising more than 60,000 sq. ft of consented commercial and employment space.
The site, which will feature a combination of retail, office, and business units, is said to represent a ‘rare’ development opportunity in St Andrews. The flexible mix of unit sizes and uses will allow the development to accommodate a range of occupiers. The acquisition follows planning permission being granted to West Coast Estates last year.
The development coincides with the delivery of around 1,250 new homes in the surrounding area. It is estimated that the business park will create at least 170 permanent jobs and 100 construction jobs.
West Coast Estates director, Iftikar Mian, said, “The completion of the acquisition of Craigtoun Park is a significant moment for West Coast Estates as we continue to expand our focus on breathing new life into brownfield and underutilised sites across Scotland. Development opportunities of this scale in St Andrews are extremely rare and represent a fantastic opportunity for established operators as well as local businesses.”
Craigtoun Park is described as being set in a naturally enclosed plot defined by mature landscaping, stone walls and established topography. West Coast Estates said careful consideration has been given to ensure the development integrates ‘seamlessly’ into the surrounding landscape. Larger plots will be naturally screened by existing trees, hedgerows and changes in level, while varied building forms, stepped rooflines and landscaping will help connect the development to its surroundings.
