In a move that could herald further retail or leisure development at Braehead, Capital Shopping Centres Group has acquired two development sites from Peel Group – one at Braehead, Glasgow and the other in Malaga, Spain.

In the first deal, Clydeport Properties was paid £4.7 million for the 30.96 acre site known as King George V Docks (West), adjacent to CSC's shopping centre at Braehead. The acquisition offers significant opportunities for future development in relation to the shopping centre and leisure activities at Braehead. 

In the second deal Peel Holdings was paid €2.5 million for a three year option, alongside a refundable deposit of €7.5 million, to purchase two parcels of land in the province of Malaga. 

The sites comprise: a 60 acre site which has initial planning consents for a high-class regional shopping centre and leisure development; and an adjacent 14 acre site which is earmarked for possible future development.

CSC said the option gives CSC “continuing access to a considerable opportunity to secure a prominent site at a relatively low cost and with minimal risk”. 

CSC has a three year period to assess the opportunity and monitor market conditions. In the event that CSC decides to exercise the option, further consideration will become payable.

www.capital-shopping-centres.co.uk