Property investor shares vision of ambitious £50 million regeneration scheme for former Postings Shopping Centre

27/10/2022
Tahir Ali at the former Postings Shopping Centre in Kirkcaldy

TAHIR Ali of national property development and asset management firm Evergold, who bought The Postings Shopping Centre in Kirkcaldy for £320,000 from pension fund Columbia Threadneedle three years ago, has unveiled his vision for an ambitious £50 million residential regeneration scheme for the strategic three-acre town centre gateway site.

Mr Ali plans to demolish the derelict shopping centre, which has been repeatedly ransacked and vandalised over recent months.

To enable the demolition of the former Postings Shopping Centre Mr Ali has had to acquire many other properties along the High Street over the past two years through private and often complicated negotiations.

These have included the Bank of Scotland and the large New Look and former Debenhams buildings. Whilst the closed former Debenhams store was revamped and temporarily re-opened as Fife Department Store a year ago, this unit will be closed on October 30th 2022, to allow the demolition works to proceed.

Fife Department Store will have to be closed so that the popular fashion retailer New Look is able to continue trading on Kirkcaldy High Street. A huge sum was spent on stocking the store when it opened. All remaining stock will be donated to ‘The Cottage Family Centre’, one of the many local charities doing great work throughout the Kirkcaldy community during this time of need.

Once the demolition is complete the site will be sold to a large developer who will redevelop it with a comprehensive residential scheme comprising up to 300 flats interlinked with green walkways designed to encourage pedestrian movement to and from the High Street and featuring landscaped public spaces.

“No-one could have predicted how radically the world would change within a year of purchasing The Postings Shopping Centre at auction in 2019,” said Mr Ali.

“Even though 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, the Covid pandemic 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, and that agility, coupled with support from Fife Council and local councillors, has enabled us to radically rethink the proposition.

“Coupled with ongoing developments along the picturesque Esplanade and Merchants Quarter in Kirkcaldy town centre, 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 that will help revitalise and regenerate the town centre and attract more people back to the area as a place to live, work and play.”

Mr Ali has been working closely with Greg Limb of Ryden on the regeneration scheme for over two years. Ryden has been advising on the best way forward for the project and dealing with interest which has already been expressed in the re-development proposals.

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