Forrest Developments has been granted planning consent for a £20 million project that will help transform an area of Stirling earmarked for regeneration.

Forrest Developments say the Castle Retail Park in the Raploch area of Scotland's newest city will create 150 jobs, with a possible opening date in the summer of 2009.

Already TK Maxx is committed to renting 50% of the 75,000 sq ft development that includes a 25,000 sq ft mezzanine level. There is significant interest in the other retail units.

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The proposed development will make the area an integrated shopping destination, complementing Stirling town centre's existing facilities. It is expected that the retail park could open for business next year subject to Ministerial approval.

Donald Stewart, Managing Director, Forrest Developments, said: "This is a significant, privately-funded chunk of business and one of the few planning consents of its type granted this year.

"We have enjoyed great success specialising in out of town retail and leisure developments and we remain committed to that business, committed to investing in the Scottish property market and investing in Scotland.

In the past year, the company agreed to a £42.5m purchase price for its Westfield site close to Murrayfield Stadium in Edinburgh from Hermes Real Estate Investment Managers and it was fully pre-let to Sainsbury's at a rental of £1.68m.

(GK/JM)