Hargreaves Services plc and Fintry Estates Ltd have been appointed as the preferred developer for the Falkirk Gateway project
Initial plans for the Falkirk Gateway project suggested by the preferred developers have highlighted large scale retail units, office space, leisure space, a hotel site, and food and drink units including a concept pub/restaurant.
Councillor Cecil Meiklejohn, Leader of Falkirk Council said: “Our plans to completely redevelop this area are making great progress and with the appointment of the developer, we are a significant step closer to creating new opportunities for the local economy and jobs.
“The creation of an ‘urban quarter’ at the Westfield/Middlefield site will transform the vacant area (lying between Falkirk and Grangemouth) and bring the 30 acre site into a location that will help promote economic growth. The capital receipts from the site will be ring-fenced to aid the revitalisation of town centres.”
Keith Aitken, Avison Young who represented Falkirk Council commented: “Falkirk Gateway is a significant development opportunity for Falkirk and the wider Central Scotland region. It benefits from excellent transport links and proximity to the Helix & The Kelpies, Falkirk Stadium and the town centre.
“The proposals for the site will act as a further catalyst for economic growth and will prove to be a complimentary neighbour to the new Forth Valley College.”
Falkirk Council is using the Tax Incremental Finance scheme (TIF) to fund road infrastructure and enabling works around the Falkirk Gateway. The £67m scheme is expected to bring in £41m in private investment into the area, creating almost 6,000 jobs and hundreds of apprenticeships.
The TIF anticipates £67m of investment by the council, levering a total of £176m in infrastructure improvements including improved links to the M9 motorway and Grangemouth Flood Prevention Scheme.