Dumfries and Galloway Council, along with Stena Line, has entered into a partnership with the McKinney Group.

The cooperation aims to bring forward a potential £50m investment plan for Stranraer Waterfront.

The McKinney Group has been appointed as preferred bidder and agreed to work in partnership to bring forward detailed proposals for the regeneration of the 17 acre East Pier, owned by Stena Line.

Proposals for Stranraer Waterfront include retail, leisure and housing developments.

The Stranraer Waterfront Urban Design Strategy and Masterplan indicates the following levels of 'build out' could be provided within the development area:

• Residential: 152 units.

• Supermarket: 3,000 sq m.

• Hotel: 5,300 sq m.

• Culture and Leisure: 7,300 sq m.

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• Commercial & Retail: 10,100 sq m.

The council's overall vision for Stranraer Waterfront involves:

• Repositioning Stranraer and Loch Ryan as a distinctive and successful marine leisure destination.

• The regeneration proposals set out the vision to develop an attractive seaside town and a high quality service hub for residents, businesses and visitors.

Councillor Colin Smyth welcomed the announcement.

He said: "The regeneration of Stranraer is a priority for the Council and this announcement is another positive step forward for the town.

"The Council has already invested around £4m to develop Agnew Park, the West Pier and sailing facilities as part of the overall vision for the waterfront and the redevelopment of the East Pier through private sector investment is the crucial next step for Stranraer.

"We will also continue discussions with the Scottish Government to seek support to enable the plans to become a reality'."

Speaking on behalf of Stena Line Ports, Mr Les Stracey said: "Stena Line is delighted to have reached this significant milestone and looks forward to working with the McKinney Group and Dumfries & Galloway Council to redevelop the East Pier and create new opportunities for Stranraer and the South West of Scotland."

Billy McKinney of the McKinney Group added: "We are delighted to have entered into an agreement with the partners. From the outset we recognised the potential for this project to be transformational for Stranraer and the South West of Scotland."

(LM)