A MAJOR retail park in Inverclyde is on track to create 1000 new jobs.
The Clydebuilt Fund, a partnership between Strathclyde Pension Fund and Ediston Real Estate, has announced deals have been struck to bring a number of household names to its newly expanded shopping complex.
M&S, Next and TK Maxx have all signed to open major stores at the £40million shopping complex joining Aldi, B&M, Watt Brothers, B&Q and Costa stores.
Inverclyde council leader Stephen McCabe said: "These are some major household names and it is a very welcome show of confidence in Inverclyde and Port Glasgow as retail locations.
"New jobs from this development sit at 1000. These are hugely significant to our local economy and this is a development to be welcomed for our area.
"It is important we recognise the real value this development presents for the local economy and as a catalyst to showcase what a positive destination Inverclyde is for business."
The 1000 total is made up of existing, new and construction jobs created as a result of the retail park.
Glasgow councillor Philip Braat, chairman of Strathclyde Pension Fund, said the development would deliver real benefits to Port Glasgow and Inverclyde as well as pension fund members.
He added: "The expansion of the retail park will not only be welcomed by local shoppers, it will boost employment and keep more money in the local economy.
Crucially, it will also generate a solid return for thousands of local people saving for their retirement and I am really happy to see some of that money invested in the communities in which they work and live, supporting jobs and regeneration."
TK Maxx has leased 17,500sq ft in the 90,000sq ft first phase of the extension with the first stores due to open in November.
M&S has leased 40,000sq ft for a department store in the second phase and Next has leased 24,500sq ft. Construction of phase two is due to start soon with stores opening as early as spring next year.
It is estimated as much as £65m in retail expenditure is spent outwith the local area each year and it is hoped new stores will encourage more local shopping.
Alistair Dickie, development director at Ediston, said: "I remember when this site was a derelict dockyard.
"What is now being proposed is a major regeneration on 25 acres of waterfront and I feel this is one of the best examples of mixed use regeneration outside of the main Scottish cities in recent times.
"It is the first major new retail park that has been developed in Scotland since 2008 and the current tenant line-up shows the impressive commitment from retailers and their desire to trade from this location."
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