Vision for the transformation of Buchanan Galleries unveiled at Mapic
The Buchanan Partnership, a joint venture between Land Securities and Henderson Global Investors, has unveiled its vision for the transformation of the Buchanan Galleries shopping centre in Glasgow.
Showcasing the plans at the Mapic international retail property event today, The Buchanan Partnership said the project will strengthen Buchanan Galleries’ position as the dominant shopping and leisure destination in Scotland by creating 1.2 million sq ft of retail and leisure space when complete in 2017.
Two major flagship stores will anchor the new Buchanan Galleries with a new 150,000 sq ft Marks & Spencer joining a reconfigured 300,000 sq ft John Lewis department store. The shopping centre will eventually house over 100 shops, 25 restaurants and a multi-screen cinema.
Glasgow’s wider regeneration plans include upgrading the adjacent Queen Street Station which will enable shoppers to walk directly into the centre from the station. Approximately 21 million people travel through Queen Street Station each year.
The scheme is also set to benefit from a £50 million Scottish Government approved infrastructure regeneration project through Tax Incremental Finance funding (TIF funding) from Glasgow City Council.
Nick Davis, development director at Land Securities, said: “Glasgow is already ranked as the number one retail destination in the UK outside London’s West End, and this project will only serve to consolidate this position. We have a strong track record in delivering major, complex city centre projects and realising their potential. The Partnership team looks forward to starting construction on this exciting project next year.”
CACI research shows that Glasgow’s consumer spending potential is expected to reach £2.59 billion by the time the new Buchanan Galleries opens in 2017, whilst annual footfall is expected to rise to 27 million– up from 18.5 million people today.
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