NEW jobs and stores are being promised following a multi-million pound investment in Port Glasgow’s retail park by a council pension fund.

The owners, Gallagher Developments, have sold part of it to the Strathclyde Pension Fund for an undisclosed sum — who say the deal will mean an investment of more than £30m when the latest phase is completed.

The fund has bought the B & Q and Costa Coffee buildings as well as adjacent land which has detailed planning permission for a further 200,000 sq ft of retail warehouse space.

Detailed discussions are now under way with a number of retailers ready to move on to the land.

A fund spokesman said: “This will create much needed new retail space — and a significant number of new jobs.” Inverclyde Council leader Stephen McCabe said the deal would pave the way to complete ‘the last piece of the jigsaw’ on the site.

He said: “This is very positive, and a welcome vote of confidence in Inverclyde as a place in which to invest and do business.

“It is also a significant boost for the local economy, both in terms of continuing the very successful regeneration of this part of Port Glasgow, and creating new, sustainable jobs in the community.” The deal has been done in partnership with Ediston Real Estate using a new £75m ‘Clydebuilt Fund’, which is part of Strathclyde Pension Fund’s investment portfolio.

The pension fund has members who are employees of Inverclyde Council and all of the other councils which made up the former Strathclyde Region, and is one of the biggest public sector pension funds in the UK.

A spokesman for the fund said: “The acquisition provides the fund with a secure income, producing retail investment and the opportunity to develop a dominant retail park for the Inverclyde area.” Paul Rooney, chair of Strathclyde Pension Fund and City Treasurer at Glasgow City Council, said: “We are confident we can add value to our investment, and to Port Glasgow and Inverclyde, through a better retail offering and, crucially, employment.” Alastair Dickie, development director at Ediston, added: “This acquisition will secure good long term income for the fund, as well as creating a development opportunity which is already generating demand from retailers.” Gallagher Developments managing director Mark Edwards told the Telegraph: “We have worked and delivered this regeneration project over a considerable period of time, and this asset has performed tremendously for us.

“We are delighted that the regeneration of Inverclyde will continue in conjunction with stakeholders who have a vested interest in the enhancement of the area for the benefit of the local community.

“We are sure its performance will continue to go from strength to strength.”