Glasgow’s landmark Buchanan Galleries shopping centre is set for a major overhaul that will see 400,000 sq ft of new retail and restaurant space brought to the market.
The Buchanan Partnership, a joint venture between Henderson Global Investors and Land Securities, has submitted a development framework document to Glasgow Council to expand the centre to over 1m sq ft.
A council committee will consider the proposals at a meeting this week, and is expected to provide comment on the key principles of the development.
An outline planning application is expected to be lodged with the council in spring 2007.
The shopping centre, which is located in Buchanan Street, anchors the primary retail area in Glasgow and accounts for almost one-fifth of the total retail space available within the city centre.
Under the proposals, the centre’s existing multi-storey car park will be transformed into around 400,000 sq ft of retail and restaurant floorspace and luxury apartments, and a new 2,500-space car park built above the city’s main bus terminus at Buchanan Bus Station.
LandSec development manager Nick Davis said the revamp was aimed at revitalising Glasgow, once second only to London in the UK’s retail rankings but recently overshadowed by large-scale developments in other cities such as Birmingham.
“We need to improve our retail offer in order to ensure the city centre maintains its attraction and ‘pull’ as a key visitor and retail destination in the UK,” he said.
“The proposed extension will provide the necessary critical mass to allow the introduction of larger, more modern retail floorplates that will attract new retailers to Glasgow.”
He added: “Our proposals will result in an exciting and dynamic new shopping environment, attracting more visitors and bringing more wealth to the city.”
Glasgow’s development plan has an identified requirement for over 895,000 sq ft of retail space in the city. If the council approves the new scheme, the extended centre could be completed by the end of 2010.
References: EGi News 27/11/06
