Deal complete as £25m retail and business development in St Andrews hits milestone
A deal for one of the largest commercial developments in St Andrews has been completed.
Aberdeen based property development and investment company, West Coast Estates,has acquired the mixed use Craigtoun development on the west of the town.
The seven-acre development comprises more than 60,000 sq. ft of consented commercial and employment space, and it is estimated that the business park will create at least 170 permanent jobs and 100 construction jobs.
Craigtoun has an estimated completed development value of approximately £25 million, and will feature a combination of fully-serviced retail, office, and business units. The development was given the go-ahead by Fife Council last year despite four objections, including one from St Andrews Community Council
Concerns focused on the impact the development could have on the local road network, particularly through increased HGV use.
The developer said Craigtoun is expected to attract leading operators within the consumer and business-to-business sectors, “ensuring strong, long-term demand, while also providing modern, purpose-built spaces for local businesses.”
Discussions are progressing with several prospective occupiers, including a potential anchor.
Iftikar Mian, director of West Coast Estates, said: “The completion of the acquisition of Craigtoun Park is a significant moment for West Coast Estates.
"Development opportunities of this scale in St Andrews are extremely rare and represent a fantastic opportunity for established operators as well as local businesses."
“The business park, which benefits from fully serviced plots in a highly visible gateway location into St Andrews, will complement St Andrews’ existing business ecosystem by attracting major new occupiers while also providing existing local businesses with an opportunity to expand into purpose-built, modern facilities that are within easy reach of the town centre.”
The development coincides with the delivery of around 1,250 new homes in the surrounding area as part of the St Andrews West expansion.