Park Lane invest further £27m in Renfrew Riverside

19 Mar 2008

Park Lane, the Glasgow-based residential and commercial property development, strategic land and investment company, has unveiled plans to further enhance Renfrew Riverside, one of Scotland's most significant waterfront regeneration developments to date.

Park Lane, who have been instrumental in the delivery of the landmark waterside scheme since its inception in 2004, has announced two major projects, Primrose Quay and Junction 26, representing a further investment into the area of £27million.

Junction 26 forms a gateway development situated immediately on the J26 roundabout of the M8, whilst Primrose Quay will create a bookend development within Ferry Village. Both projects are situated adjacent to Braehead Shopping Centre and its second phase, Renfrew Riverside, which includes the Ferry Village residential development of more than 2000 new homes, Riverside Braehead Business Park and Xscape. 

Sean Robinson, joint managing director of Park Lane, commented: "Junction 26 and Primrose Quay can be seen as the final pieces in the jigsaw for the comprehensive regeneration of Renfrew Riverside, occupying two key sites at each end of the development."

Our ongoing work with Capital Shopping Centres, Clydeport and Renfrewshire Council at Renfrew Riverside spans almost six years and it has been a pleasure to realise the masterplan in its entirety, and to achieve the complete transformation of Renfrew's waterfront, reinventing the relationship between the town and the River Clyde."

The proposed development at Junction 26, which Park Lane acquired in late 2006, will take place on a nine-acre site and has a potential end-value in the region of £34million. Park Lane will deliver a mixed-use project incorporating residential housing, office space and a hotel. Detailed planning permission has already been received for 70 residential units, with detailed planning for a full service hotel now lodged.

Future phases of Junction 26 will include a 15,000 sq ft class 4 office unit, plus additional commercial space. Work is expected to start on site in Autumn 2008.

Providing one of the final pieces of the residential masterplan at Renfrew Riverside, Primrose Quay is located at the west end of the development and will afford a dramatic entranceway to the area from Renfrew's town centre. Positioned beside a new public park and overlooking one of the few basins on the river that could accommodate berthing facilities, planning is about to be lodged for 51 residential flatted units, which will create a key landmark on the Clydeside.

Brian Clarke, joint managing director of Park Lane, commented: "It is hugely rewarding to see the masterplan realised, and be delivering one of the key elements of what has been a hugely ambitious regeneration scheme."

Junction 26 and Primrose Quay are representative of Park Lane's strong position moving forward. The company has a current land and secured deal bank indicative of a development value in excess of £250million, with further commercial and residential ventures planned for 2008 including the recent acquisition a 120,000sq ft commercial investment in Edinburgh, a retail development in Paisley and future long term greenbelt releases in both Edinburgh and Lanarkshire.


For further information and media enquiries please contact Claire Morrison 0141 229 4050 or 07814 592 120  cmorrison@freshwaterscotland.com

 

  • Aerial view of Junction 26 site supplied by Park Lane