The Northern Irish firm has agreed to work in partnership with the local authority and Stena Line to bring forward detailed proposals for the regeneration of the 17 acre East Pier, including options for new retail, leisure and housing developments.

Billy McKinney of the McKinney Group said: “We are delighted to have entered into an agreement with the partners. From the outset we recognised the potential for this project to be transformational for Stranraer and the South West of Scotland. We aim to work with Stena Line and the Council to bring forward proposals that will match the aspirations of the local community and create new growth opportunities for Stranraer.”

Welcoming the announcement, Councillor Colin Smyth, chairman of the economy, environment and infrastructure committee, said: “The regeneration of Stranraer is a priority for the Council and this announcement is another positive step forward for the town. The Council has already invested around £4m to develop Agnew Park, the West Pier and sailing facilities as part of the overall vision for the waterfront and the redevelopment of the East Pier through private sector investment is the crucial next step for Stranraer. We will also continue discussions with the Scottish Government to seek support to enable the plans to become a reality.”

Speaking on behalf of Stena Line Ports Limited, Mr Les Stracey added: “Stena Line is delighted to have reached this significant milestone and looks forward to working with the McKinney Group and Dumfries & Galloway Council to redevelop the East Pier and create new opportunities for Stranraer and the South West of Scotland.”

The Stranraer Waterfront Urban Design Strategy and Masterplan and associated Design and Development Brief for a mixed use development at the East Pier was approved by the council and adopted as Supplementary Planning Guidance.

It indicates that the following levels of ‘build out’ could be provided within the development area:

• Residential: 152 units

• Supermarket: 3,000 sq m

• Hotel: 5,300 sq m

• Culture and Leisure: 7,300 sq m

• Commercial & Retail: 10,100 sq m