Land Securities has given approval for a £70M retail and residential scheme in Glasgow city centre, which will begin this month.
The redevelopment of the Atlas site on 185-221 Buchanan Street will strengthen the City’s retail offer, support an estimated 100 construction jobs during the development and 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 is expected to be completed in March 2013, which is well ahead of the Commonwealth Games in 2014.
The 155,000 sq ft project will be built opposite Buchanan Galleries and will help boost the northern end of Buchanan Street as a retail destination. The mixed-use development will further enhance Glasgow’s national and international appeal and reinforce the City’s position as the premier retail destination in the UK outside London.
The scheme has got the go-ahead after securing pre-lettings, including the young trendy US fashion brand Forever 21 as the “anchor” store, which will be the company’s third store in the UK and a first for Scotland. The retailer will occupy 60,000 sq ft establishing the largest shop letting on Buchanan Street.
The development will also include two other large stores, eight shop and restaurant units, and 49 apartments.