Plans to rebrand the Ocean Terminal shopping centre in Edinburgh as Porta have been dropped as new owners have taken over.
The centre in the north of the city will instead receive a £10m investment to carry out various upgrades.
A joint venture between investors ICG Real Estate and the Ambassador Group has taken control of the site, removing Resolution Property from any involvement.
Resolution Property had hoped to turn it into an outlet centre called Porta, with colourful signs inspired by “dazzle” ships on the exterior of the building.
The new owners said they want the complex to be “community-focused,” serving the expanding residential areas in the north of Edinburgh.
It will remain the home of the HMY Britannia visitor experience – the Queen’s former royal yacht.
New deals have been negotiated with current tenants that are in difficulties due to the coronavirus lockdown, while the owners hope to achieve full occupancy of the 420,000 sq ft site in the future.
Chris Richardson, investment director at Ambassador Group, said: “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.”
He added: “We will create a more mixed-use environment for the people of Edinburgh and Leith.
“Over 3500 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.”
The new owners said they want a “sustainable, phased reopening” of the centre to provide an alternative to online shopping.
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