Atlas shopping Development go ahead in Glasgow

Land Securities has announced plans to start the £70m Atlas development in Glasgow’s city centre. The development situated at 185 – 221 Buchanan Street will start this month and is expected to be completed by March 2013.

The long north-south street is a key Glasgow shopping destination and the massive complex will be situated in the dilapidated area opposite the Buchanan galleries.

  The go-ahead came when, pivotally, young US fashion brand, Forever 21, signed a deal to open a 60,000 sq ft shop at the north end of the site, which has acted as an anchor type tenant.

Francis Salway, CEO of Land Securities, said: 'The multi-million pound development in Glasgow will help boost the Scottish economy, create jobs, strengthen the retail offer in Glasgow city centre and regenerate the north end of Buchanan Street.'
 
'The development has secured a significant pre-letting in Forever 21, which is a great vote of confidence in the city demonstrating that there is a demand from retailers for the right space in the right location.'
 
Land Securities have proceeded due to what they referred to as ‘strong retail interest in the space,’despite arguments from the Scottish Retail Consortium that ‘higher taxes would deter both developers and retailers from opening further stores in Scotland.
 
In 2004 city planners granted Atlas Developments permission to build shops, offices and 85 flats at the prime location. A rival developer
challenged the decision and on three occasions the row ended up in
the Court of Session in Edinburgh.
 
In 2006 it reached the House of Lords, which backed the council’s decision to appoint Atlas Developments.

However further problems occurred as the building in the block bounded by Buchanan Street, West Nile Street and Bath Street, had a large number of owners.
 
Land Securities brought the Atlas site on Buchanan street for £10m out of receivership last year.

Image: Buchanan Street