Land Securities development to boost Scotland’s economy
Published: 23 March, 2011
Land Securities has given approval for a £70m retail and residential scheme in Glasgow city centre.
Only the second major city centre retail development to begin in the UK since the financial downturn, the redevelopment of the Atlas site will start this month and is expected to be completed in March 2013, ahead of the Commonwealth Games in 2014.
It is hoped the 155,000 sq ft project on Buchanan Street will regenerate an area on the prime retail pitch, which has been blighted by multiple ownership and lack of investment for over 25 years.
The scheme has got the go-ahead after securing pre-lettings, including US fashion brand Forever 21 as the anchor store. The retailer will be the largest shop on Buchanan Street, occupying 60,000 sq ft. The development will also include two other large stores, eight shop and restaurant units, and 49 apartments.
Land Securities’ chief executive Francis Salway said: “The multi-million pound development in Glasgow will help boost the Scottish economy, create jobs, strengthen the retail offer in Glasgow City Centre and regenerate the north end of Buchanan Street. The development has secured a significant pre-letting in Forever 21, which is a great vote of confidence in the City demonstrating that there is a demand from retailers for the right space in the right location.”
