Resolution Property has successfully secured a funding package to upgrade its waterfront shopping center and leisure destination Ocean Terminal in Leith, Edinburgh.
Resolution Property will significantly improve the center’s offering and consumer experience, with plans in place to enhance the entrance experience, car park, internal furniture, shop fronts, signage, and wayfinding. Upgrades are due to begin in the first quarter of this year.
The new business plan will also target additional fashion retailers and leisure occupiers to accompany the strong offering already in place. Resolution Property is also working to ensure Ocean Terminal’s existing retailers benefit from the renewed investment.
Shane Scott, the partner at Resolution Property, said: “With this new funding package, we’re excited to enhance Ocean Terminal’s retail, catering and leisure experience, and show our commitment to the shopping center. The mall already boasts an impressive range of international retailers, food and beverage operators and a cinema, and recently saw an increase in footfall, which we expect will keep rising following our extensive upgrades.”
The 420,000 sq ft shopping center saw an increase of footfall of eight percent last year and is home to some 80 different offers, including Debenhams, H&M, Marks & Spencer, French Connection, Gap, Vue Cinema, Wagamama and Nando’s.
Existing tenants, including Vue Cinema, have also made an additional investment into their presence within the shopping center.
Funding for the upgrade works has been secured via real estate asset manager ICG-Longbow.
Ocean Terminal attracts 4.5 million visitors per year and is home to the Royal Yacht Britannia which itself attracts approximately 350,000 tourists annually.
