Glasgow Welcomes Top Brands to Occupy Commercial Properties

Posted on 30 September, 2011 by MOVEHUT

Savills have reported that over the last year, Glasgow city centre has welcomed a variety of top branded retail units to the region, with some of them a first not only in Glasgow, but in the whole of Scotland.

Boux Avenue, Camper, Carluccio’s, Cath Kidston, Forever 21, Gio Goi, Hotter, Nike Town, Paperchase, Pesto, and Pretty Green have either opened or are planning to open a commercial property in Glasgow very soon. Other retails that have shown an interest in Glasgow are; Eat, Perry Ellis and Sketchers footwear. But as yet, there have been no announcements regarding any of the three companies planning to occupy a commercial property in Glasgow.

Ross Allardice, Retail director at Savills said, “We have seen a real increase in new retail entrants to Scotland, particularly from the fashion sector, who have recognised the benefits that Glasgow offers as a strong retail hub. Forever 21, which opens in 2013, was a particular coup for the city as it is only the third UK store the retailer has taken and has helped to augment Glasgow as a leading retail destination.”

One of the main reasons why top retail brands have decided to set up home in Glasgow could be down to the strength of its high street. Buchanan Street is one of the most recognised shopping streets in the whole of the UK, outside of London. The area has seen a constant stream of high profile lettings, which have maintained a zone A rental value of £250 per sq ft, which is the second largest shopping street rental outside of London.

Ross Allardice expressed, “Buchanan Street has evolved over recent years upholding almost a 100% occupancy rate and has significantly changed the retail landscape in Glasgow. While the more value-led surrounding areas such as Argyle Street and Sauchiehall Street have found market conditions more challenging with a greater number of voids, they have also benefitted from the strength of the main retail pitch. In addition, the new Atlas development located at the northern end of Buchanan Street will create the final piece in the city’s retail jigsaw and will prove fundamental in cementing Glasgow’s leading retail position.”

Earlier this month it was reported that Land Securities have invested £70 million into a new development at Buchanan Street. Stuart Moncur representing Cushman & Wakefield’s stated, “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.”

The future for Glasgow’s high street looks bright, with more and more top retail brands showing an interest in Glasgow’s commercial properties. But with Glasgow sharing the same shopping sq ft rental rate as Birmingham, Leeds, Manchester and Newcastle-Upon-Tyne will Glasgow be able to continue to attract top retailers outside of England?

 




Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Recent Posts

Interest Rates Impact on Commercial Property

Commercial Property Investment Outlook for 2023

The best places to stay on the Riviera

The latest property data has identified Newquay as the fastest property seller’s market in the UK

Investing in your garden can increase your property’s value

French Riviera temping high-end homebuyers

How can the ownership rights of my commercial property impact a business sale?

Should I incorporate virtual property viewings permanently?

Investment expected to increase across Asia-Pacific in 2021

UK property industry slows as the conclusion of tax break looms

BNP Paribas cautioned investors on Friday as debt-trading bonanza that increased its earnings this past year

Over 300,000 property purchases fell through in 2020 – we show the most frequent motives and the best way to get your house sale back on track

House Prices in the Capital Surpass £500,000

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants