Leading property investment and development firm Wirefox has extended its portfolio in Scotland with the acquisition of a major retail-led asset in Dumfries town centre.
The investment known as Southergate Centre on the town’s High Street represents the Holywood-based firm’s first retail property purchase in Scotland, having already acquired three residential development sites throughout the country recently.
Wirefox has major plans for a mixed-use redevelopment of a significant part of the 2.3-acre site, previously part of the Project Eagle loan portfolio, which currently includes 14 commercial units and a public car park comprising 185 spaces.
The firm is in talks with a number of operators about a range of possible new leisure uses at two of the units, including a family restaurant, cinema and gym amongst others.
Michael Wright, Director of Asset Management at Wirefox, commented:
“This is a significant acquisition for Wirefox as Southergate Centre is our first retail property investment in the Scottish market. Following successful residential purchases in Edinburgh and the Scottish Borders, this investment augments our portfolio in Scotland and will act as a springboard to further deals.
“Southergate Centre represents a significant ‘value add’ opportunity for the heart of Dumfries and we intend to apply an effective asset management strategy over a five-year period which will physically enhance the current offering, maximise returns and provide a balanced mixed-use development.
“We have exciting plans for a change of use to the current nightclub, whose owner is in administration, and an attractive former listed bank on the site. There is major redevelopment potential and we are considering designs for a number of leisure uses.
“Wirefox has developed a stellar pedigree for strategic acquisitions and successful asset management, and Southergate Centre is another feather in our cap.”
Twelve of Southergate Centre’s 14 units are retail-based and currently fully let to a number of national high street tenants.