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Proposed Mixed Use Development, Braehead : Socio-Economic Impact Report 5.5 In January 1995, CSC bought the site and announced a partnership with Marks & Spencer plc and J. Sainsbury to develop it. Planning permission for an amended scheme was granted in May 1997. Initial work on site had commenced in 1996 and the Centre opened in 1999, at a cost of about £285 million to build. Catalyst for Regeneration 5.6 Braehead Shopping Centre and Retail Park now has over one million square feet of shopping and leisure facilities and attracts 17 million visitors annually. It has provided the catalyst for one of the largest privately funded waterside regeneration projects in the country. 5.7 The construction of Braehead Shopping Centre constituted the first significant new development in the area for many years, and also brought substantial new transport infrastructure to the location including new road links and bus station with a range of routes to the surrounding area. More generally, the initial development was able to raise both developer and occupier confidence in the area and fund the large amount of infrastructure needed to kick-start regeneration. It also helped change the image and perceptions of the area from one of dereliction and distinguish it from other areas of vacant brownfield land along the Clyde. The scope of the investment at Braehead now extends much further than the original shopping centre complex, and across a full range of land-uses and supporting infrastructure. 5.8 The original shopping centre was immediately followed by a first phase of other investments: a £35 million IKEA store, with an estimated 500 jobs, was developed on an adjoining site one year after Braehead opened; b £15 million Audi ‘Centre of Excellence’ opened in 2004, creating the world’s largest Audi retail venue, alongside restaurant and conferencing facilities; c £65 million Xscape leisure complex opened in 2006, generating 800 jobs; and d £12.5 million Scottish headquarters for Porcelanosa was completed in 2008. 5.9 Subsequent investments were not just limited to retail and leisure activities, but also included new provision for business space. Titanium Business Park was the first phase of what has subsequently expanded into braehead4business, marketed as Scotland’s “Premier Business Quarter.” This comprises a further three business parks – Riverside, Platinum and Shiel’s Gate. Braehead now has a significant track record in attracting corporate occupiers, including: a Ceridian, one of the largest providers of HR outsourcing services in the world, created 200 new jobs when it located at Titanium Business Park in 2011; P26 3366706v3
Proposed Mixed Use Development, Braehead: Socio-Economic Impact Report b relocation of Campbell Dallas LLP, one of Scotland’s leading accountancy firms, to Titanium 1 in 2011; c one of Scotland’s fastest growing software development businesses, The Solution Works, moved to new offices at Riverside Business Park in 2010. 5.10 Taken together, these developments illustrate the broad appeal of this location for a range of investment. This reflects the commercial success, range of facilities, improved infrastructure and good transport links that have derived from the presence of the Braehead Shopping Centre. Conclusions 5.11 Alongside public sector initiatives, the development at Braehead has stimulated the wider regeneration of the Clyde Waterfront. Two decades ago, the area was characterised by high unemployment, a lack of investment and large areas of derelict land. 5.12 The original Braehead Shopping Centre scheme which opened in 1999 was entirely the result of private sector investment, delivering significant new infrastructure and providing a clear signal of investor confidence in the area. The Centre’s development provided a critical mass of investment at an early stage able to help address the substantial remediation challenges that existed. The development also came at a time when the regeneration of the wider Clyde Waterfront was still very much in its infancy. The Centre has since provided the platform for further public sector initiatives, through Renfrew Riverside and its partners. 5.13 Significant further investment has been attracted around the Braehead site in which CSC continues to have a leading role. The Centre appears to have accelerated development activity on surrounding sites, significantly enhancing investor confidence through its scale, profile and success in commercial terms. The proposed mixed use development will cement Braehead’s position as a focus for growth, anchor further investment, and support the diversification of the centre in support of its role as a new Strategic Town Centre in <strong>Renfrewshire</strong>. 3366706v3 P27
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