Australian retailer T2 Tea has set a new record rent for Glasgow’s Buchanan Street with its first Scottish shop.
The gourmet tea company is moving into 131 Buchanan Street, the existing Hawes & Curtis clothing store, paying £317 per sq ft.
Covering 1,884 sq ft over ground and basement floors, the brand has taken a 10-year lease at a rent of £240,000 per annum.
T2 will join several new entrants to Scotland, which signed on the street last year, including cosmetics brand Kiko Milano and New Look.
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Stuart Moncur, head of national retail and occupier services for Cushman & Wakefield, who represented the landlord, John Lewis Pension Fund, on behalf of PGIM Real Estate, said rents on the street have increased by 20% over the past 18 months.
“It is testament to the strength of Glasgow that an exciting international brand like T2 has chosen Buchanan Street for its first Scottish store and great news so soon after the letting to Hotel Chocolat before Christmas.
“There were a number of new brands keen to secure this store, which ultimately led to this level of rent being achieved.”
T2’s first boutique opened in Melbourne in 1996. It was acquired by Unilever, the company behind Lipton Tea, in 2013.
HDH represented T2; Savills acted for Hawes & Curtis.
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