In brief...: Retail firm develops steel site

Mar 28 2008

International retail specialist Richardsons Capital LLP has signed up to the £600million Ravenscraig town centre project.

It has formed a joint venture with Wilson Bowden Developments to develop the 1m sq ft of shops and leisure facilities at the heart of the project on the former steelworks site.

In addition, global architects HOK have been selected to develop draft plans for the town centre along with property advisers Cushman & Wakefield and Glasgow-based retail specialists Hamilton Glen. Work is expected to begin in 2009.

The Ravenscraig scheme has lacked a crucial retail development partner since Mills Corporation, former owners of the St Enoch Centre in Glasgow, backed out of the project in 2006 due to financial difficulties.

Lee Richardson, of Richardsons Capital, said: "We are delighted to have this opportunity to work with Wilson Bowden Developments to create a vibrant new centre for Lanarkshire.

"We have significant experience of this type of activity and we are looking forward to delivering a new town centre which will appeal to local people and visitors alike."