Capital & Regional (C&R) is to redevelop the 16,722 sq m (180,000 sq ft) Sauchiehall Centre in Glasgow in a joint venture with Stannifer. The Bank of Scotland and The Bank of Ireland are financing the £31m project.
The redevelopment involves the removal of all the centre’s malls to create large retail units. As a result, the size of the scheme will increase by 10% to about 18,580 sq m (200,000 sq ft).
Fashion store company Primark will take up the majority of the newly created space as part of a 6,308 sq m (67,566 sq ft) store. The store will be Primark’s first in the city.
Existing tenants, which include WHSmith, TKMaxx and Superdrug, will take the remaining space.
C&R, which was represented by Montagu Evans, has a 650,558 sq m (7m sq ft) UK retail and leisure portfolio valued at over £800m. The company acquired the Glasgow shopping centre in June 1997.
Stannifer, which frequently works with supermarket giant J Sainsbury, has a £1bn development programme which totals over 350,000 m2 (3.8m sq ft).
EGi News 15/03/01
