Shopping centre investment
Ocean Terminal gets upgrade as rebrand dropped
Name’s the same: Ocean Terminal
Plans to rebrand Ocean Terminal as ‘Porta’ have been dropped as the new owner unveils a £10 million investment to upgrade the Leith shopping and leisure centre.
A joint venture, ICG Real Estate and its Scottish partner Ambassador Group, will adapt the facility to include residential, office and amenity space.
Discussions are ongoing between the new owners and existing tenants to negotiate deals, alongside trying to attract tenants to fill any empty lots.
ICG Real Estate and Ambassador Group also said they were working to coordinate a phased re-opening of the centre as lockdown restrictions ease.
Chris Richardson, investment director at Ambassador Group, said: “Ocean Terminal should be the centre of Leith.
“It has got great leisure and F&B offerings and one of the busiest cinemas in Edinburgh. Our plan is to reposition the centre with residential, office and other amenity space, that will allow us to retain and build on the existing experience.
“This approach aims to move away from previous thinking about transforming the centre into an outlet mall and instead will deliver a more community-focused approach to meet the needs of the expanding residential and commercial areas across Leith.”
The JV has ended Resolution Property’s involvement in the mall following a negotiated transfer of the asset to ICG and Ambassador.
Kevin Crowley, head of partnership Capital UK at ICG Real Estate, said: “A lot of retail assets in the UK may be distressed from an occupational point of view, but many owners are also distressed, having third party debt and private equity ownership.