Developer plans massive project

28 Sep 2007

David R. Jones, Daily Post

NORTH Wales-based commercial property developer and house builder Eatonfield Group has agreed to purchase an old oil refinery site in Scotland for a huge redevelopment project that will provide homes, industrial units and offices.

The company - which floated on the Alternative Investment Market last November - said the project on the banks of the River Clyde, near Glasgow, was its biggest brownfield regeneration project to date.

Mold-based Eatonfield said it hoped to complete the deal for the former Carless Oil Refinery site at Old Kirkpatrick, Clydebank, for an undisclosed sum by the middle of next year.

It said the purchase, from a private company it did not name, would be financed by a new facility from existing lenders.

Work will then begin on redeveloping the 47 acres for a mix of offices, bulky goods retail and light industrial units and a new marina complex.

The remainder of the site will be used mostly for new homes, with apartments fronting the river and a mix of about 400 private and affordable housing units.

Eatonfield chairman Sir Leslie Young said: "It is our largest regeneration brownfield site to date and it fits within our clearly defined business strategy.

"We have appointed a team of consultants to work alongside Eatonfield with the local authorities and we are confident of putting together regeneration plans that will transform the area and create sustainable working and living environments."

Rob Lloyd, group chief executive said: "We are delighted to have agreed to purchase this major brownfield site.

"We have received an initial favourable response from Clydebank Re-built, the urban regeneration company which has spearheaded the overall regeneration policy.

"Our consultants will progress a masterplan and work to provide a mixed use development that will be economically sustainable. We have a robust planning and remediation strategy, with the intention of lodging a planning application in the near future."

The company said it was unable at this stage to put an exact figure on the likely investment in the site but it would certainly run into millions of pounds.

The Carless refinery site is part of a wider regeneration strategy for the Clyde corridor.

Earlier this month, Eatonfield reported a 7% increase in turnover in the year to June 30, 2007, to £18.8m, with profit before tax rising 48% to £5.09m.

  • Aerial view of the Carless site