Shawlands is set for a facelift as the Arcade shopping centre is snapped up by Clydebuilt Limited Partnership.
The new owners say they will remodel and redevelop the 5.75 acre site in a bid to make it the heart of the southside community once again.
The £50 million Partnership - between Strathclyde Pension Fund and Ediston Real Estate - aims to deliver economic benefits for communities as well as financial returns, and is responsible for previous projects including the Port Glasgow Retail Park.
Bailie Philip Braat, chair of the Strathclyde Pension Fun and city treasurer at Glasgow City Council, said: “I think our members will be happy to see some of their savings invested in the communities in which they work and live – supporting jobs, businesses and regeneration.
“This is why we created the Clydebuilt partnership. For our members, it is a solid investment and the whole development is underpinned by leases to big high street names. However, we plan to add real value to that investment in a way that will benefit not only the fund, but also the local community in Shawlands and across the Southside.
“We think that, with investment and careful management, the Arcade can be the kind of positive focal point the people of Shawlands want it to be.”
Despite big name tenants like Boots, TSB, Sainbury’s and Pure Gym, the shopping centre has remained down-at-heel, with southsiders long calling on a refurbishment to spruce up the Shawlands town centre.
Graham Lind, investment manager at Ediston Real Estate, added the promise of “a shopping centre Shawlands can be proud of” and, for the Partnership, “a robust investment that will be in line with modern retail and leisure customer and occupier demands”.