Forrest Group Developments

Forrest on right track for Growth
7 October 2001

One of Scotland’s newest and fastest growing property development companies has just celebrated its first year of business by revealing they’ve secured deals to develop almost 500,000 sq ft of retail space worth over £100 million.

Glasgow based Forrest Developments Ltd, formed by Chris Trainer and Donald Stewart also announced their latest deal, a £30 million plan providing 150,000 sq ft of space including a flagship store for the Sainsbury’s supermarket chain on a six acre site in the Gorgie/Dalry area of Edinburgh close to Murrayfield rugby ground. It joins the list of top quality developments on sites in other Scottish cities that are now being developed under the Forrest banner in partnership with other blue chip companies such as First plc and Homebase. Their most prestigious deal to date is with Aberdeen based First, who operate bus and train services throughout the UK. Last month they lodged a joint detailed planning application to provide an upgraded retail and commercial development on the site of First’s former HQ at King Street in Aberdeen.

Taking the place of the existing offices and bus garages will be 100,000 sq ft of non-food retail space, a 15,000 sq ft neighbourhood convenience store and 444 parking spaces. The main unit of the proposed £25 million development, comprising 60,000 sq ft, will be a new Homebase megastore. In Glasgow, Forrest has secured a major 12-acre brownfield site on Balmore Road in the north of the city. Proposals for a mixed-use regeneration scheme will be lodged shortly with the City Council. The company has also acquired a site in Clarkston for a retail and leisure scheme. The substantial part of the retail space has been taken by Sainsburys and the development is due for completion next year.

Donald Stewart said: “Despite a commitment in excess of £100 million, we are optimistic about the strength of the Scottish commercial property market and are actively seeking further opportunities to invest. Chris Trainer said, “There is a lack of quality commercial property investments at sensible yields due to demand in the current market. Forrest Developments are in the enviable position of sourcing and developing our own investments organically.” Before establishing Forrest Developments, Donald Stewart had a distinguished track record in the property business having previously been Managing Director of Stannifer, which was recently put up for sale, and prior to that Director of Ladbroke Group Properties. Chris Trainer sold his company Trainer Advertising to Scottish Radio Holdings for £27.5 million in 1999. The company was rebranded Score Outdoor and subsequently sold to Clear Channel. Earlier this month it was revealed that Chris, together with Managing Director, Marc Keenan had bought back one of the group companies, Score Outdoor (Displays) Ltd for an undisclosed sum. Score provides large-scale banners and display boards for a number of clients including property developers and in addition they market and produce advertising for major sports stadia.The Forrest Group is also the largest private owner of outdoor advertising sites in the UK.

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