Kingsgate Shopping Centre owners in receivership
Graham Gibson • Published 4 Jul 2012 09:00
17 Comments
A LARGE For Sale sign is set to be slapped on Dunfermline's Kingsgate Centre after its Northern Irish owner collapsed into administrative receivership.
However, Neil Mackie, the manager of West Fife's premier shopping hub, has insisted it is "business as usual" despite the centre being effectively repossessed.
Full story in tomorrow's Dunfermline Press.
Have your say. Post a comment on this article.
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Monet1
30 posts
Jul 4, 09:49
Report commentWithout the Kingsgate - Dunfermline is dead!!!
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Yes 12
No 14
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jollymolly
93 posts
Jul 4, 09:51
Report commentIsn't Dunfermline already dead !!!!!
Recommend? Yes 39
No 17
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hidinidentity
10 posts
Jul 4, 11:00
Report commentwell yea dunfermline is dead. i only really go out if a really need to or even then a wouldl rather just shop online even though i live right behind the bus station
whats else is going to happen to dunfermline everyone move away and leave dunfermline for dead
thats got to be the next thing to happen sureley
Recommend? Yes 13
No 14
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itsallwentpetetong2012
145 posts
Jul 4, 11:17
Report commentIts all to do with the bank,
A Scottish shopping centre owned by a prominent Northern Ireland businessman has been effectively repossessed.
The former Bank of Scotland Ireland (BoSI) has appointed receivers to Crosslands Properties, which owned the Kingsgate centre in Dunfermline.
Crosslands Properties is ultimately controlled by Ivan McCabrey, the owner of the Mivan construction group.
None of the Mivan companies is affected by the move.
BoSI was shut down by its parent company, Lloyds, in 2010 after running up enormous property-related losses.
Its loan book is now being run down by a company called Certus.
According to the last set of accounts filed by Crossland Properties, for the year ending December 2010, it owed BoSI £95m.
However, the shopping centre was only worth £66m after its value tumbled in the property crash.
Crossland Properties bought the centre in 2004, and undertook a significant renovation and extension, completed in 2008.
The company showed a pre-tax loss of £197,000 for 2010 following a £1.8m loss the previous year.
A note in the accounts states that at that time the directors believed the bank would support the firm "for the foreseeable future".
However, it is reported that Lloyds are keen to move more quickly with the winding down of the BoSI legacy, which is dragging down the performance of the bank as a whole.
Recommend? Yes 10
No 3
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Dunfy92
43 posts
Jul 4, 12:41
Report comment@Monet1
Nothing bad is going to happen to the Kingsgate. The management and administrative duties just being taken on by a new company. Its effectively a story out of nothing really, the shops wont be affected :)
Recommend? Yes 17
No 3
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jollymolly
93 posts
Jul 4, 14:10
Report commentWhat's next for Dunfermline as Tesco confirms big delay in Dunfermline store project
Tesco bosses have admitted work on their new Dunfermline store will not start until next February
"Quote"
Joe Rosiejak said: "I'll believe it when I can walk into the store and buy a carton of milk.
''In other words, I'll believe it when I see it.''
Recommend? Yes 15
No 6
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ningin
84 posts
Jul 4, 14:35
Report commentjust how gullible were these banks that loaned all this money out on property deals ...if i went for a loan ,the first question i was asked what financial back-up i had ,and my assets would be frozen till loan was paid ,yet these developers were able to siphon as much as they wanted.....capitalism has never been so greedy and nows the time to grovel.....
Recommend? Yes 4
No 7
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char
131 posts
Jul 4, 20:55
Report commentThere won't be a sign on the side of the building. The bank will try and recoup its losses by selling to the highest bidder. The centre won't be affected. In many ways it could be a good thing as more than likely it'll be bought at a price below value, they'll do it up and sell it on for a tidy profit. Happens all the time.
Tesco is delayed, big whoop. Just have everything sorted ready for them to start building. In the mean time get on with other things.
Amazed how depressing it is listening to locals in Dunfermline. The grass isn't always greener elsewhere.
Recommend? Yes 13
No 4
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redrobin
285 posts
Jul 5, 10:29
Report commentSurprise surprise!....I hope you all look at what you have put in print!
The entire 'city' ? centre is a shambles....all because the council are clueless...the planners are incompetant, and we vote them back in everytime!....I live in Dunfermline, pay my council tax, but spend my hard earned wages else where, and why?.....read the above comments!....
Recommend? Yes 9
No 9
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redrobin
285 posts
Jul 5, 12:59
Report commentNever thought I would agree with you jolly molly.....however u r spot on!...erm I would prefer a better image..
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No 4
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ChuckD
64 posts
Jul 5, 13:24
Report commentAgain another non story to keep the ill-informed and overopinionated doom-mongers of this message board with something to do.
The Kingsgate will not close or be demolished, it'll be business as usual, and there's plenty of progress to be seen all around (although not with tescos). It's certainly a better place than it was 10 years ago.
If only there was someway to improve the 'people' of Dunfermline.
Recommend? Yes 13
No 7
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stormxxx
132 posts
Jul 6, 03:46
Report commentI have said this many times b4...Dunfermline was thriving b4 the Kingsgate..always a busy town, always..an i will also say this again..it was quoted one time that Stuart Adamson said...'They are defacing Dunfermline' Do not ask me where i read this but this sticks in my mind boldly and i could not agree more..an see how long ago that was! Not any better in my opinion..sad, sad place now but i do have to say that i admire many for trying to make this a better place and Fife Council aint included..it is the people..u all know who u are : )
Recommend? Yes 2
No 2
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char
131 posts
Jul 6, 08:37
Report commentI don't think it's the Kingsgate that is to blame alongside the dour Fifer attitude. People moved from shopping in butchers and grocers and went to supermarkets. They stopped buying from the likes of the Co-op and wanted BHS so shopped in other towns. Mothers started working instead of staying at home. The internet came meaning more and more people only shop in towns for food and clothes.
Dunfermline is a town to be proud of and it's about time the residents made a stand to Fife Council and DEMANDED they improve and promote it. Fife had a 20m underspend last year. Spend a quarter of that kickstarting the regeneration of Dunfermline.
Recommend? Yes 6
No 3
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maclam
316 posts
Jul 7, 15:26
Report commenthopefully any new owners will get the ventilation system back up and running , somedays the centre at present can be the stuffiest ill ventilated uncomfortable shopping area in town , i sometimes think even the public toilets have no ventilation working.
Recommend? Yes 1
No 0
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itsallwentpetetong2012
145 posts
Jul 9, 11:51
Report commentHopefully the new owners will lower the rates and make two units into one attracting more shops making more profit for the owners instead of 14 empty units we have just now after H&M take the seven units over the two floors and Bodycare take the other one.
It would be good if we could attract some other shops into the centre like a 1.Republic, 2.Bank, 3.Deichmann Shoes,4.Lush,5.Ann Summers,6.Build A Bear Workshop,7.Office,8.USC,9.Mama & Papa's,10.Smyths Toys,11.Millie's Cookies,12.Garage Shoes,13.Select,14.HMV
All the other shopping centres in Central Scotland have these shops why can't we.
That is mixed bunch of different shops that would attract people into the centre instead of 4 card shops.
Recommend? Yes 2
No 0
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char
131 posts
Jul 9, 13:39
Report commentUnfortunately a number of the shops mentioned are in or close to administration so unlikely to be expanding any time soon.
Recommend? Yes 0
No 0
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itsallwentpetetong2012
145 posts
Jul 9, 16:21
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