it can be confirmed that Beyond Retail Property Fund Ltd – a UK managed real estate business, specialising in redeveloping retail property, has agreed the purchase of Marks & Spencer’s retail unit on Paisley High Street. The site, adjacent to The Paisley Centre, will be incorporated within the company’s wider regeneration plan which is expected to come forward in 2021.
In November 2020, Reith Lambert announced that their client had purchased The Paisley Centre with a repurposing strategy to include a new residential quarter and a mixture of retail, leisure & commercial uses, together with new outdoor public spaces.
Richard Ford, Reith Lambert, said: “We are delighted that our client has agreed the purchase of the M&S unit on Paisley High Street. This unifies the ownership of what is effectively an integrated unit within the main centre.
“This represents a major opportunity for Paisley, and we will take time to work with our client and key partners to bring forward proposals which will help realise the spirit of the Vision for Paisley Town Centre 2030.”
In July 2020, M&S announced plans to close their Outlet store in Paisley and reinvest in a new M&S Foodhall at Renfrew Road Retail Park. The new site will be 30 per cent larger than the current Foodhall in the town centre.
David Bates, Head of Region at M&S, said: “We are pleased to confirm the sale of our current building on Paisley High Street, ahead of our relocation to a new M&S Foodhall site in Paisley.
“We are really excited to open our brand new M&S Foodhall in Paisley’s Renfrew Road Retail Park, which will provide a much larger food offer for the local community. The existing M&S store in Paisley will continue serving customers until the new store opens this summer.