Developer named for Falkirk Gateway project

A partnership between Hargreaves Services and Fintry Estates has been chosen as preferred developer for the Falkirk Gateway project.New retail, office and leisure developments will be built in an area to the east of the town, adjacent to the new Forth Valley College and Falkirk Stadium.A total of nine initial expressions of interest were received with a final two developers invited to put more detailed plans forward for a final selection by an assessment panel. Further work on a ‘heads of terms’ agreement as well as a more detailed retail impact study will now take place.Initial plans put forward by the preferred developer, Hargreaves Property Ventures, retail units, office space, leisure facilities, a hotel site and food and drink venues.Falkirk Council is using the Tax Incremental Finance (TIF) scheme to fund road infrastructure and enabling works, which has helped attract the current developer interest in the site. The TIF anticipates £67m of investment by the council, levering a total of £176m in infrastructure improvements including improved links to the M9 motorway and Grangemouth Flood Prevention Scheme. This is anticipated to attract investment of over £400m and the completion of about 400,000m2 of business space.