Plans to rename Ocean Terminal 'Porta' dropped amid £10m investment

Plans have moved from outlet mall to mixed-use development.

Plans to rebrand Ocean Terminal as an outlet mall called ‘Porta’ have been dropped as the centre moves towards a more ‘community-focused’ approach.

Instead a £10 million investment will be spent on upgrades to the centre and adapting it to include residential, office and amenity space.

The previous plans announced by owners Resolution Property in 2018 would have seen the re-named centre looking to attract ‘aspirational and premium brands’, as well as being renamed Porta to maintain its maritime theme.

Ocean Terminal will not change its name.

Resolution Property has now ceded ownership to an established joint venture between ICG Real Estate and its Scottish partner Ambassador Group.

This joint venture will abandon the Porta concept and focus on Ocean Terminal’s ‘strong brand heritage’.

More than 3,500 houses are planned around the mixed-use site.

Discussions are ongoing between the new owners and existing tenants to negotiate new deals, alongside trying to attract new tenants to fill any empty lots.

ICG Real Estate and Ambassador Group also said they were working to coordinate a phased re-opening of the centre as lockdown restrictions ease.

Chris Richardson, Investment Director at Ambassador Group, said: “Ocean Terminal should be the centre of Leith.

“It has got great leisure and F&B offerings and one of the busiest cinemas in Edinburgh. Our plan is to reposition the centre with residential, office and other amenity space, that will allow us to retain and build on the existing experience Ocean Terminal is known for and liked.

“We will create a more mixed-use environment for the people of Edinburgh and Leith.

“Over 3,500 houses will be delivered around the site and the tram will arrive at the front door, so it is a great opportunity.

“We plan to give it a local touch through our initiatives and have already progressed a number of deals in the past few weeks.”

Kevin Crowley, Head of Partnership Capital UK at ICG Real Estate, said: “A lot of retail assets in the UK may be distressed from an occupational point of view, but many owners are also distressed having third party debt and private equity ownership.

“At Ocean Terminal you now have two well-capitalised counterparties and no third-party debt. We have allocated £10m to invest in the asset.

“As a result, when we have been having discussions with tenants, those talks have been focused on what is the best long-term strategy for the asset, rather than what’s good for short term cashflow.

“And that is a key reason why Ambassador is already securing deals with tenants.”