Dunfermline Press | News | Buyer found for Hyundai building?

Wednesday, 9th July, 2008

Published: Thursday, 8th May, 2008 09:00

Buyer found for Hyundai building?

By Gary Fitzpatrick

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THE worldwide search for a buyer for the mothballed former Hyundai site may soon be over – although the potential new owner has still to be named.

A number of companies have expressed interest in buying the site, a preferred bidder has been chosen and a ‘due diligence process’ is under way.

At this stage, the site, now owned by US firm Freescale, has not been sold but that could be about to change.

With talks at a delicate stage all parties involved are tight-lipped and the identity of the prospective buyer remains a mystery.

A spokesperson for Colliers CRE, the firm hired by Freescale to assist in selling the site, would only say, “It’s not been sold and negotiations are continuing at this time.”

The Hyundai factory was built in the late 1990s with the promise of up to 2000 well-paid jobs.

The huge investment project collapsed, blamed on a financial crisis in South Korea, then Motorola stepped in, 1350 jobs were promised and again the grand plans came to nothing.

The giant plant is Scotland’s biggest-ever white elephant, lying empty since its completion in 1999.

Now though there could finally be a silver lining for West Fifers, whose hopes have been raised then dashed so often over the Halbeath site.

Keith Winter, Fife Council’s head of development services, has been in touch with the owners advising on planning issues and future use.

The advice from the council has been that the land will be retained for industrial use.

“We are aware that a preferred bidder has been chosen and the due diligence process is moving forward,” said Mr Winter.

However, Mr Winter said he was not aware of the likely timing of a purchase.

The due diligence process verifies the financial background of parties involved in a potential deal.

The council outlined its planning policy on the site in a letter from development manager Robin Presswood to Colliers CRE.

“The sites are established employment sites of some significance on the eastern edge of Dunfermline, strategically located for the economies of Fife and Central Scotland,” stated Mr Presswood.

“The building is very highly specified and an appraisal of the site/building for use by another process/manufacture, within the class use, would be required in considering the future of the building.

“It is accepted that due to the specialist nature of the process, demolition of the production plant may be required in order to bring the site back into productive employment use.

“It is envisaged that the office block would be retained as it represents a significant economic development asset for the community.

“There is a strong policy protection of well defined industrial and policy sites from other, non-employment uses, with a presumption against change of use.

“Given the need to protect and promote strategic employment land and to encourage economic development in the West of Fife, a robust stance will be taken in relation to the Freescale site and the expansion site to the south.

“Only appropriate employment uses will be considered for the sites.”

Mr Presswood said that use for the leisure and tourism market would be considered but that there was “no requirement for housing or retail as part of the future development of the Freescale site”.

And he added, “I have already been contacted by a number of developers interested in acquiring the site.”

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