SOVEREIGN CENTROS SUBMITS GLASGOW FLAGSHIP STORES APPLICATION

August 24, 2017

A planning application has been submitted by Sovereign Centros, acting as asset managers on behalf of owners Blackstone Real Estate Partners, to develop three new, reconfigured flagship retail units at the prime junction between Argyle Street and Buchanan Street and connecting to the internal mall of St. Enoch Shopping Centre in Glasgow City Centre. The units will range from 5,000 to 21,000 sq ft.

Plans propose the part demolition of 135-153 Argyle Street and to replace them with a new high quality flagship retail development. The development proposes a sensitive restoration of the historic façade of the former St Enoch Picture House and secures its retention for the future in a use appropriate to the location.

The plans to provide flagship units forms part of Sovereign Centros’ business plan for St Enoch, and follows on from the recent signing of VUE cinema to anchor the new East End leisure development, as well as the recent investment to refurbish the centre’s food court.

Advanced discussions have already progressed to bring new and exciting retailers to Glasgow City Centre, helping to continue the resurgence of Argyle Street, boost footfall in the City and reinforce St Enoch’s position as the prime shopping and leisure destination in the UK’s second biggest retail destination outside the West End of London.

Paul Bailey, Asset Management Director at Sovereign Centros commented –

“The recent application to enhance holdings on Argyle Street forms a significant part of our ongoing business plan to provide best in class accommodation for our retailers and an enhanced customer experience. Negotiations with retailers for flagship stores are already progressing well.”

Subject to approval, the units are forecast to be open in Q3 2019. CBRE advised on planning.

 

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