ReGlasgow

PLANS For Massive Empty Tesco Store Get Go-Ahead

5 September, 2024 | News

CITY planners have paved the way for a huge empty East End retail unit to be turned into Glasgow’s biggest Asian supermarket.

Longdan (Home of Asia) plan to open a store at the 10,000 sqm former Tesco premises at Forge Retail Park, Parkhead, creating up to 300 full and part-time jobs.

Around half of the building will be used for convenience retail floorspace, selling speciality ingredients for Asian cuisine plus organic and plant-based products. It will be open seven days a week, 8am to 10pm.

In addition there will be a 200-seat food court with 20 dedicated food offers and two restaurants. It will also have an event space for parties and celebrations.

The food court will be open 10am to 10pm, seven days a week.

The planning department has now agreed that part of the building can be used for wholesale and distribution.

Their decision report states: “The proposed development is considered to bring suitable new uses to the subject unit
and wider Forge Retail Park, providing spaces that are complementary to the main retail use and that will bring in more users.

“The proposed development will utilise an existing vacant unit, bringing it back into use and creating job opportunities.”

Longdan is the largest Asian retailer in the UK with 14 stores, stocking more than 10,000 speciality products from Vietnam, Japan, Malaysia, Korea and other Far Eastern countries.

A statement submitted to planners explained: “The purpose of this project is to build a one-stop destination for Asian goods and services in Glasgow.

“Whether it be groceries, dining or entertainment, the premises will provide a place for the Scottish public to experience a harmonious fusion of Asian culture and Scottish products.

“The restaurants and stores are dedicated to preserving Asian traditional values while elevating their elegance.”

Tesco vacated the premises at the end of April 2022.

Evolve Finance are a Glasgow-based commercial finance brokerage serving the UK, specialising in all types of property finance for Property Developers, Landlords and Investors and offering innovative finance solutions, they welcome complex cases and back their experience to add value to any project.

Here’s just some of their products that may be of interest.

Property development finance: For projects from £750,000 to circa £50,000,000, this facility is typically for the purchase and ground up development costs of new build residential projects, large residential refurbishment projects or commercial projects with the loan repayment coming from the sale proceeds or re-financing to a term loan.

Bridging Finance: This type of facility is typically used for projects ranging from £50,000 to £3,000,000, covering purchase and development costs of anything from one-bedroom flats to large commercial-to-residential conversions, as well as smaller new build developments like a single detached house or gap site projects of 6–12 flats.

Below Market Value Bridging Loans: Below-market-value bridging loans allow you to borrow up to 100% of the purchase price when the property’s purchase price is lower than its open market value, helping you maximise leverage opportunities and make the most of discounted property deals.

Buy Refurbish Refinance Rent: The Buy, Refurbish, Refinance, Rent (BRRR) strategy is a highly effective method that enables you to rapidly grow a substantial, cash-flowing buy-to-let property portfolio, helping you maximize your investment returns and build long-term financial security through property.

Pin It on Pinterest