September 20, 2012
Redevco UK secures two new retailers for Buchanan Street, as a further boost for the Scottish city following the multimillion pound renovation of Princes Square
Redevco has announced two new retailers for Buchanan Street in Glasgow, which forms part of its Princes Square premium retail shopping centre.
Shoe retailer Office is upsizing to a new 3,600 sq ft unit at 50 Buchanan Street adjoining its current store. The retailer will pay a rent of £379,100 after signing a new 10 year lease for the site. Meanwhile shirt retailer Charles Tyrwhitt has signed a new ten year lease for 54/56 Buchanan Street. The store is the second Scottish store for the shirt maker and will open on November 8. The store will comprise 2,705 sq ft of retail space, including a 1,200 sq ft retail floor.
The new Buchanan Street signings follows the announcement earlier this year of new deals for the newly refurbished Princes Square. Pizza Express opened a new restaurant in the courtyard of the centre in the summer paying a £100,000 pa rent on a 25 year lease. Jo Malone meanwhile signed a new 10 year lease for its existing store, paying a £99,750 PA rent.
Andrew Foulds, Portfolio Director at Redevco, said: “Following our two strong lettings in Princes Square earlier this year which concluded the multimillion refurbishment of the centre we are delighted to be further boosting the retail offer in the neighbouring Buchanan Street with the announcement of these new deals for Glasgow.”
Redevco were advised by Cushman & Wakefield on Princes Square. Charles Tyrwhitt were unrepresented and Office were represented by CBRE.