Plans to transform the Paisley Centre have been scrapped.
Beyond Retail, which owns the site, previously unveiled ambitions to convert the building into a mixed-use development featuring new homes, an international hotel, and a medical centre, along with retail and hospitality space.
However, the company has now abandoned the proposal and will put the centre and its car park on the market, according to the Daily Record .
A spokesperson said: "It is with considerable regret that Beyond Retail has confirmed that the Paisley Centre and associated car park are to be marketed for sale."
"The decision follows seven years of hard work to bring forward proposals to transform the centre into a modern, mixed-use destination, including new homes, an international hotel brand, retail, leisure, health, and community uses that would have transformed Paisley town centre and beyond.
"While Beyond Retail has continued to invest time and resource into progressing the scheme, ongoing delays have challenged the viability of the project and have made it increasingly difficult to move forward within a reasonable timescale."
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The decision follows the conclusion of a viability review by Math Real Estate Ltd, commissioned by Renfrewshire Council and the Scottish Futures Trust.
The consultants found that the council’s involvement in a long-term lease—using an income strip funding model—would expose the local authority to "significant" financial risk.
Renfrewshire Council had previously expressed a willingness to work with Beyond Retail to explore a revised approach, but confirmed the current proposals were not financially viable.
A spokesperson for the local authority said: "We recognise the strategic importance of this prominent, privately-owned town centre site and have been engaging with its owners over many years to consider their development proposals and our role in supporting them.
"The independent examination of the owner’s proposals concluded they are not financially viable without a significant public sector subsidy and have high levels of risk for the council.
"We remain committed to supporting its redevelopment and board members agreed in May to proposing partnership working to develop a revised masterplan and viable options for the site, exploring all possible funding sources."
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