A £12m deal will see two top retailers open new stores in Renfrewshire.

London & Scottish Property Investment Management has completed the sale of two properties at Renfrew Road Retail Park in Paisley to an unnamed US investor. 

The property comprises two retail units which host Marks & Spencer and the Range. 

Both are part of the wider Renfrew Road Retail Park, which was developed by London & Scottish Developments and also includes a Tim Hortons drive through and a Lidl supermarket.

Andy Richardson, Group Development Director at London and Scottish Developments, said: "Renfrew Road Retail Park is a quality development in a popular location. It fits the profile of what commercial property investors are currently looking for: modern retail park stock let to good tenants in strong locations. We expect strong demand for retail warehousing investments this year due to their attractive yield relative to other market sectors.

“This deal represents a major step forward for our development portfolio. It follows the £90 million sale last year of two student residential developments in Leeds and Sheffield, and we hope to soon complete on the disposal of other retail developments in our pipeline.”

In 2015, London & Scottish acquired the site, which was formerly a derelict industrial estate and bowling alley that closed in 2010. 

Construction began in 2018, after a process to secure planning permission and Lidl, The Range and Tim Hortons started trading in 2019. In early April this year the final unit was handed over to M&S.