Tesco has confirmed it has sold the land next to its present store in Cupar to a Glasgow-based property company.
The site, which has been cordoned off with hoarding for over a year, was originally earmarked for its new, larger store before those plans were eventually shelved.
A spokesman for Tesco said:“I am pleased to confirm the sale of our land in Cupar.
“Since we took the difficult decision not to build a new store, we have been actively seeking a purchaser. Today we have concluded a deal with Glasgow-based property development company London and Scottish.
“We share the community’s ambition to see the land brought into use. We remain extremely grateful for the support our plans for the site received. Today’s announcement will help move forward the development of the land.”
Today (Thursday) London & Scottish Investments Ltd (LSI) announced it had purchased 14 vacant sites across Scotland from Tesco.
They will be developed by LSI for a mix of retail and residential uses.
The sites are located in Cupar, Cowdenbeath, Dundee, East Kilbride, Paisley (Renfrew Road and Love Street), Crieff, Aviemore, Thurso, Kilmarnock, Larkhall, Coatbridge, Dalkeith, and Glasgow.
They had previously been acquired by Tesco for potential store development which has not progressed as planned.
Bryan Wilson, group development director at London & Scottish Investments said: “We are delighted to announce this purchase, which is fantastic news for the towns involved. We now look forward to meeting with council leaders and planning officers from all the local authorities involved, to discuss and review our plans for the economic redevelopment of these sites. We have had discussions with a range of potential tenants that wish to occupy the proposed new developments, and we would expect that a significant number of jobs will be created as a result.”