Marks & Spencer has signed up to anchor the Buchanan Galleries extension in Glasgow, which is scheduled to open in 2017.
The retailer will take a 150,000 sq ft store in the extension to the shopping centre, which is owned by The Buchanan Partnership, a joint venture between Land Securities and Henderson Global Investors.
The extension will add 65,000 sq m of retail space to the centre and aims to attract new national and international brands to Glasgow. It will also bring 15 new restaurants and a multiplex cinema to the city.
The £300m project will link into Queen Street Station and will have a new 1,700-space multi-storey car park.
Land Securities development director for retail Nick Davis said: “Securing Marks & Spencer (M&S) is a significant milestone for the development and follows on from obtaining outline planning consent in March 2013. This early commitment to the Buchanan Galleries extension, combined with the successful scheme at 185-221 Buchanan Street, establishes the top end of Buchanan Street as Glasgow’s prime retail pitch.”
Henderson Global Investors director of shopping centres Chris Pyne added: “We are delighted that M&S has recognised the value in being part of such a vibrant scheme which will be significantly enhanced by the planned extension.”
CBRE acted for the Buchanan Partnership.
Meanwhile, Land Securities and Aviva have exchanged on the sale of the jointly-owned Designer Outlet Centre, Livingston, to the Mars Pension Fund for an undisclosed sum.
LaSalle Investment Management acted on behalf of Mars and DTZ advised Land Securities and Aviva.