Peel Lifestyle Outlets has lodged an Approval of Matters Specified in Condition planning application for a “transformational” 350,000 sq ft mixed-use development at the site.

The investment aims to deliver a new waterfront destination on the river Clyde along with thousands of associated retail and construction jobs, revitalising a key gap site.

The Glasgow Harbour Lifestyle Outlet will include retail space, restaurants and cafes, a waterfront promenade, a new cinema, gym, family leisure facilities, public square and event space.

Planning Permission in Principal was granted in 2008 to rejuvenate the 74-acre site, which is located within the Clyde Waterfront Regeneration Programme. An Approval of Matters Specified in Condition planning application has been submitted by Glasgow Harbour Ltd on behalf of Peel Lifestyle Outlets – a division of Peel Land and Property Group.

Jason Pullen, Peel Lifestyle Outlets’ managing director, said: “Shopping has evolved to become a major leisure activity. We are creating the next generation of outlet destination by delivering a balanced combination of exciting leisure and entertainment with a strong retail offering. Our Lifestyle Outlets are 4th generation outlets and far removed from soulless factory outlets. Glasgow Harbour Lifestyle Outlet will have a multi-generational appeal, as operators are supported by events, activities and performance space.

“The initial £100m investment, as well as delivering crucial construction and retail jobs, represents the next step in fulfilling the Glasgow Harbour masterplan and we’re excited to bring more life back to Glasgow’s Clydeside.”

Overall, it is estimated that the Glasgow Harbour Lifestyle Outlet could generate gross GVA of around £45m per annum within the local economy once complete. The development will create much-needed employment during construction and deliver a further 2,000 retail and leisure jobs when complete in 2021, according to a recent report by Amion Consulting, an economic impact consultancy.

The report also details the scheme has potential to generate up to 5 million additional visits per year, generating further economic benefit for the wider economy.

Steven Underwood, chief executive of The Peel Group, said: “The Peel Group is excited to be creating a major retail, leisure and tourism destination on the Clyde which will complement, support and enhance the surrounding area. We’re looking forward to creating thousands of new jobs and opportunities for the people of Glasgow.

“Over the past decade, we have invested over £850 million in major projects across Scotland, creating 5,500 jobs and 3,500 homes. I’m proud to say Glasgow Harbour Lifestyle Outlet will take Peel’s commitment in Scotland to more than £1bn and we look forward to continuing our positive working relationship with the city.”

The first phase of the Glasgow Harbour masterplan was completed by Peel Group in 2008 and involved the construction of 1100 apartments on the site of the former Meadowside Granary, which was demolished in 2002. The Glasgow Harbour Masterplan involves a substantial investment in infrastructure, the creation of hundreds of waterfront homes, retail and leisure opportunities, as well as a commercial district.