Swedish retailer H&M Hennes is the latest fashion chain to venture into Glasgows buoyant city centre retail market.
The retailer has signed a 25 year lease for a 2,299 sq m (24,750 sq ft) unit on two floors at AMP and Slough Estates Buchanan Galleries. H&Ms store, its first in Scotland, will be located adjacent to Next, which together with John Lewis and Habitat will anchor the 56,855 sq m (612,000 sq ft) development.
Letting agents Montagu Evans, Healey & Baker and Strutt & Parker will not reveal the price H&M agreed to pay, but zone A rents in the scheme are believed to be near £1,615 per sq m (£150 per sq ft).
The shopping centre, due to open in Spring 1999, links prime shopping arteries Sauchiehall Street and Buchanan Street in the heart of Glasgow. It is next to Queen Street station, where Railtrack is currently working on plans for a new leisure development.
THI has been selected as preferred developer for the £20m scheme, which is likely to cover at least 13,935 sq m (150,000 sq ft). Virgin Cinemas is to anchor the development. Letting agents Mason Owen and Chesterton expect a planning application for the scheme to be submitted by the end of November.
EGi News 07/11/97
