Bank of Scotland is to fund David McLean Developments £77m redevelopment of St Austell in Cornwall.

The new ‘White River Place’ project is being supported by the South West Regional Development Agency and Restormel Borough Council, and will turn the part vacant Town Centre into 155,000 sq ft of open plan retail space, 20,000 sq ft of food or drink space and 70 apartments. Work has started on site and the project is scheduled for completion in Spring 2010.

Bank of Scotland’s real estate team in Liverpool is funding the Welsh developer to develop the mixed-use town centre scheme .

Tourist trade

Gordon Clements, director of real estate at Bank of Scotland corporate in Liverpool, said: ‘St Austell’s south coast location and proximity to visitor hot spots such as the Eden Project and the Lost Gardens of Heligan means it is perfectly positioned to capitalise on the region’s lucrative tourist trade.

‘David McLean Developments’ regeneration plans recognise this and it will help attract leading retailers to the town centre. Undoubtedly, this will increase the town’s tourism pull and revenue.’

46% of the new retail outlets have been pre-let to companies including fashion retailers New Look and Peacocks and coffee shop Starbucks. The new development will also include 550 car parking spaces and a cinema.

Bank of Scotland to keep development

David McLean Developments is responsible for completing the development in the next 30 months and it will then be retained as a long term investment funded by Bank of Scotland, a break from tradition for the company, which usually sells on its developments.