Platinum Partner Land Securities reports rise in retail lettings
Published by Simon Gwynn on Sat 09 Jun 12 @ 22:14
Glasgow Chamber of Commerce Platinum Partner Land Securities has reported a rise in retail lettings at its new Buchanan Street development.
The property investment giant has secured four more retailers at the 185-221 Buchanan Street Atlas development. These new deals continue to emphasise that Buchanan Street remains one of the city's most sought after retail locations.
The four new brands, which will encompass 15,000 sq ft in total, are Fat Face, Skechers, Watches of Switzerland and Office. The new retail quartet joins Forever21, Paperchase and Gap, who committed to the project in 2011.
With 14 months to go before the scheduled retail opening, the project is 90.7% pre-let by income, which is unprecedented considering the challenging economic conditions.
Only one unit remains available on Buchanan Street, the UK's second busiest shopping street, and two units are available on West Nile Street.
It is expected that the 155,000 sq ft scheme will play an important role in affirming Glasgow's national and international position as a major fashion destination and the style capital of Scotland.
The development is located opposite Buchanan Galleries and will create a new prime pitch on Buchanan Street. There was also good news for Buchanan Galleries with the announcement that popular food outlet EAT and make-up boutique Bare Minerals have signed up as tenants at the centre.
Land Securities Development Director, Nick Davis, said: "These new lettings demonstrate that retailer demand for new, well configured space on Buchanan Street remains strong.
"There have been few development starts in the UK over the last 12 months due to the uncertain economic climate. To be 90.7% pre let at this stage of the project demonstrates the strength of Glasgow, and in particular Buchanan Street as a shopping location.
"Our continued investment in Glasgow will create 120 new jobs as well as apprenticeships during the construction phase."
The development also includes 49 residential apartments, which are due to be completed in autumn 2013.