US shopping centre REIT Mills Corporation is planning a £100m extension to its St Enoch Centre in Glasgow.
Mills, with its joint venture partner Canada-based Ivanhoe Cambridge, today submitted a planning application for a 250,000 sq ft extension to the run down shopping mall.
The pair bought the centre from German fund Deka in January 2005 for £272m.
The redevelopment, which will also see the existing centre refurbished, will extend St Enoch to more than 1.3m sq ft, making it one of the largest city centre retail and leisure schemes in the UK.
The shopping centre’s entrance will also be moved from Argyll Street to the corner Argyll and Buchannan Street as part of the redevelopment.
A new cinema, nightclub and several bars and restaurants will also be added to the scheme.
Burgin Dosset, group vice president of development for Europe, said: “Since we acquired St Enoch we have been formulating a redevelopment strategy that would enhance the productivity of the centre and re-establish St Enoch as the dominant retail and leisure anchor for Glasgow’s city centre.”
He added: “We believe the plans we have unveiled today, combined with the sector expertise of Ivanhoe Cambridge and The Mills, will accomplish that goal, and play a pivotal role in reinforcing the strength of the retail sector in Glasgow’s city centre as well as making a major contribution to the wider regeneration of the city.”
Construction work, subject to approval from Glasgow city council, is scheduled to start in September, with completion due by the end of 2009.
References: EGi News 12/07/06
