PROPERTY INVESTOR SHARES VISION OF AMBITIOUS £50 MILLION REGENERATION SCHEME FOR FORMER POSTINGS SHOPPING CENTRE PREVIOUSLY PLACED IN AUCTION FOR £1

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.

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.