Glasgow now one of the most expensive retail locations in the UK
Glasgow’s Buchanan Street is now one of the most expensive retail locations in the UK outside London according to international estate agents Cushman and Wakefield.
The company’s Main Streets Across the World report, reveals that shops in Buchanan Street now command a rent of £250 per square foot, a level which is only exceeded by five streets in London.
This puts the street on a par with shopping streets in Leeds, Manchester, Newcastle and Birmingham. However, these have all experienced a fall unlike Buchanan Street which has risen four places up the ranks from number ten to joint sixth position in the UK.
As well as attracting a healthy number of both shoppers and stores, the street is benefiting from a new £70 million retail and residential development that is getting underway at 185-221 Buchanan Street as well as a £5.5 million makeover of the city’s Princes Square.
Stuart Moncur, head of retail at Cushman & Wakefield in Scotland, said: “The fact that Land Securities chose Buchanan Street for one of the few large retail schemes planned for the UK since the downturn in the market clearly illustrates the confidence investors, developers and occupiers have in the retail market on Buchanan Street. Demand has remained strong for well configured properties on Buchanan Street and the fact the development at 185-221 Buchanan Street is now all under offer is indicative of this.
“Footfall levels have remained extremely strong over the last couple of years and we foresee this continuing.”
