Shepherd and Wedderburn advises Peel Ports on landmark Greenock Ocean Terminal deal
Shepherd and Wedderburn’s Glasgow property team advised Peel Ports on the £19.1 million funding deal to expand the Greenock Ocean Terminal.
The Greenock Ocean Terminal extension, expected to complete by the summer of 2020, will deliver new cruise ship berthing facilities, a visitor centre, restaurant and a purpose-built gallery which will showcase the works of notable Scottish artist, George Wyllie.
The project is being led by Peel Ports Clydeport and Inverclyde Council, backed with a £9.7 million funding commitment from the Glasgow and neighbouring authorities £1 billion Glasgow City Region City Deal, financed by the Scottish and UK governments.
Terminal operator Peel Ports is investing £8 million in the project with a further £1.5 million coming from the George Wyllie Foundation via arts funder the Dunard Fund.
Shepherd and Wedderburn real estate partner Jamie Grant said: “Delighted to have acted for Peel Ports in this landmark deal for Greenock Ocean Terminal, which will deliver a much-welcomed boost for tourism, employment and the wider economy.”
Andrew Hemphill, port director at Peel Ports Clydeport, said: “Who 50 years ago would have anticipated the level of success we’ve had in bringing the world’s biggest container and cruise ships to Greenock?
“Now we are about to expand our capability further to attract thousands more visitors every year with the new development, up to 150,000 cruise passengers annually. It’s fantastic news for Inverclyde and for Scotland.”