A run down Kirkcaldy shopping centre which went to auction priced at £1 will become a £50 million housing development under ambitious plans.
The Postings Shopping Centre, long seen as a symbol of Kirkcaldy’s town centre’s decline, was bought by property development firm Evergold in 2019.
Though bidding started for less than the cost of two pints of milk, the Yorkshire firm paid £320,000 for the asset which has 11 shop units and a 299-space car park.
Initially new tenants were sought for the premises but it closed last summer after 40 years of operation.
Earlier this month, its demolition gained approval from councillors.
Now, Evergold director Tahir Ali has set out his vision for the three-acre site.
Kirkcaldy shopping centre demolition and regeneration
He confirms his intention is to demolish the centre, which he said has been a target for vandals in recent months.
To enable the demolition Mr Ali has acquired other properties along the High Street over the past two years through private and often complicated negotiations.
These included the Bank of Scotland branch, New Look and former Debenhams buildings.
The Debenhams unit re-opened as Fife Department Store a year ago. However, this will close on Sunday with any remaining stock given to the Cottage Family Centre charity.
New Look will continue to trade.
Once the demolition is complete, the site will be sold to a large developer.
The plan is to redevelop it with a comprehensive residential scheme comprising up to 300 flats, subject to planning permission.
Green walkways would encourage pedestrian movement to and from the High Street. It will also feature landscaped public spaces.
Plans could encourage Kirkcaldy investment
Mr Ali said he had to reassess the future of the site during the Covid-19 pandemic.
He said: “No one could have predicted how radically the world would change within a year of purchasing The Postings Shopping Centre in 2019.
“We had a number of exciting deals in the pipeline with an independent supermarket chain and state of the art cinema operation in the former Tesco unit. Covid put an abrupt end to those plans.
“This prompted us to reconsider the site with a fresh approach.
“Covid taught me the need to remain dynamic and flexible with property projects.
“That agility, coupled with support from Fife Council and local councillors, has enabled us to radically rethink the proposition.”
He said the development would encourage further investment into Kirkcaldy.
Mr Ali adds: “Our redevelopment in the heart of Kirkcaldy should help attract other investors to progress their own plans for restaurants, more national chains, cinemas, hotels and other potential developments.
“These will help revitalise and regenerate the town centre and attract more people back to the area.”
Greg Limb of Ryden has advised Mr Ali on the regeneration scheme for over two years.
Conversation