Scotland business

Ayr shopping centres sold by administrators Begbies Traynor

Kyle Shopping Centre, Ayr Image copyright Google
Image caption The Kyle Shopping Centre is situated in the heart of Ayr

Ayr town centre could be given a new lease of life after administrators sold two shopping centres for a multi-million pound sum.

The Kyle Shopping Centre and nearby Arran Mall went into administration last June after suffering a drop in footfall.

Administrators Begbies Traynor have now sold them to London-based regeneration and development company, Squarestone.

Squarestone said it planned to turn the site into a "vibrant community hub".

The sale includes an adjacent development site in Carrick Street.

The combined floor area of the two centres is 125,000 sq ft on a site that extends to about seven acres in the heart of Ayr.

The Kyle Centre features 30 shop units, while the Arran Mall has 23 units, along with more than 6,700 sq ft of office space.

'Great news'

Current occupiers of the centres include Bon Marche, New Look, Barrhead Travel and Vision Express.

Joint administrator Paul Dounis said: "Since last summer, we have worked hard to make the shopping centres more attractive to potential purchasers, consolidating many of the existing tenancies and securing agreements with key tenants.

"This deal is great news for Ayr and we'd like to thank the council for their support in working with us to find a solution that benefits the local community by providing improved amenities and revitalising the local economy, so giving the town a brighter future."

Squarestone partner Robert Sloss said: "This large site offers a significant regeneration opportunity and the prospect that a prominent part of Ayr, which has seen a serious lack of investment in recent years, will become once again a vibrant community hub."

Squarestone intends to submit its redevelopment plans by the end of the year.

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