New owner reveals £100m shopping centre revamp plan | Scotch whisky showing signs of global recovery | Drinks firm chief executive to retire

The Government Expenditure and Revenue Scotland figures show the deficit north of the Border is 22.4% of gross domestic product.

The figure has increased by 13.6 percentage points in the last year from 8.8% in 2019-20, while the deficit in the rest of the UK rose by 11.6% to 14.2%.

In the City, housebuilder Persimmon has hailed a “robust” performance over the first half of the year as profits were buoyed by a surge in activity in the housing market as the FTSE 100 firm revealed that pre-tax profits increased by 64% to £480.1 million for the six months to June 30, and construction giant Balfour Beatty booked a £23 million loss in the UK in the first six months of the year due to problems on a number of central London residential projects.

Also today, the new owners of a shopping centre plan a major revamp at the site, there are signs of recovery in the Scotch Whisky industry, and there is set to be movement at the top of a Scottish water company.

Major transformation of shopping centre planned 

Ocean Terminal has submitted a pre-application notice with the City of Edinburgh Council for a transformational redevelopment that will see the 20-year-old centre open up to the waterfront.

It said the vision is to create a destination that reflects the “needs and aspirations of the people who live and work in Leith”.

Having purchased the shopping centre in March 2020 “because of its significant potential”, Scottish owners, Ambassador Group, said they have used insights gained over the past eighteen months to advance plans to turn Ocean Terminal “into a gateway to the waterfront for the local community, adding to the wider regeneration of Leith”.

The new masterplan for the site includes a new mixed-use space that maximises the location and aspect on to the Firth of Forth, created at a new linked entrance to the centre.

The proposal promises a mix of indoor and outdoor space achieved by the demolition of the existing north multistorey car park and the former Debenhams store to allow the remaining building to be reconfigured with updated spaces for new commercial opportunities facing a dramatic streetscape to the waterfront.

Site diagram.

It said there will be a “consolidation” of Ocean Terminal’s recent shift in strategy to attract and retain tenants that are aligned to local and national policy objectives supporting “20-minute neighbourhoods”. Complementing the continuing regeneration of Leith which has seen new homes, schools and businesses emerge, the proposals support local jobs while also cementing Leith’s distinct appeal as a popular choice for visitors to the Scottish capital.

The final stage of the masterplan is to introduce a mix of much-needed housing on the waterfront, integrating with the trams to Newhaven extension and new local amenities, to add to the vibrancy of the local community and the sustainability of the local economy.

Following the submission of the Proposal of Application Notice (PAN) today, Ocean Terminal will now conduct public consultation beginning with an online exhibition set to go live on 23rd September. A full planning application is expected in early 2022, with a view to start works later that year.

The redevelopment represents an investment of more than £100 million.

Chris Richardson is the managing director for Ambassador Investments, which is responsible for developing a range of residential properties and commercial buildings across Scotland, all of which have industry leading environmental credentials.

He said: “We’re planning a transformational redevelopment that will finally realise Ocean Terminal’s potential as a leading waterfront destination, whilst placing the changing priorities of residents, businesses, visitors and shoppers centre stage. The retail industry and the local environment has evolved significantly in recent years and this redevelopment will create a sustainable destination that people will continue to enjoy for years to come.

“This is an exciting time for Ocean Terminal, and we look forward to sharing that vision as we move forward.”

Ambassador Group has appointed the following advisers on the project: planning consultants, Turley, building surveyors, PMP, and architects, Keppie Design.

Whisky showing signs of global recovery

Scotch whisky exports have shown signs of recovery from the impact of Covid-19 and costly tariffs in the US, the biggest overseas market for Scotland’s national drink.

The value of exports was up by 31 per cent in the first half compared with the same period last year, with volumes up 42%, new figures published by the Scotch Whisky Association (SWA) show.

Drinks firm chief executive to retire

Highland Spring chief executive Les Montgomery is retiring from the post he has held since 2007, the natural source water producer has announced.

Mr Montgomery will become a non-executive director from the end of this year, and chief commercial officer Simon Oldham and chief operating officer Mark Steven will step up to become joint managing directors of the business “with immediate effect”.

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