Land Securities, has revealed plans for a further two retail projects in key locations. Oxford and Glasgow are both to benefit from the creation of extensive and modern retail developments, with the initial groundwork expected to start in the coming months in both cities.
Glasgow’s Buchanan Galleries shopping centre
In Oxford, Land Securities and the Crown Estate will join forces to create an 800,000 sq ft retail complex in a partnership known as the Westgate Alliance. Architects BDP will take the helm on the project, designing a space which is both modern but also in keeping with the traditional character which Oxford is known for.
The Westgate Alliance hopes to attract more than 100 new retailers to Oxford as a direct result of the development, with a flagship John Lewis store already confirmed as the anchor of the complex. A premium boutique cinema and a rooftop dining venue with views of the city are also particular features of the outline design.
Development Director at Land Securities, Bert Martin, says; “The new Westgate aims to enhance what is already a very strong offer in Oxford.
“By creating a stunning new retail destination, respecting the character of this great city, our ambition is to further add to some of the most attractive environments in the UK.
“The new scheme is a unique opportunity for national and international retailers to gain rare, quality exposure in such a unique context.”
Work has already begun on the project, which has a forecast completion date of autumn 2017.
Land Securities’ Glasgow project, meanwhile, will see an additional 1.2 million sq ft of retail and leisure space added to the Buchanan Galleries following an investment decision by The Buchanan Partnership. Again, a John Lewis flagship store will anchor the development, although this time Marks & Spencer will act as a joint anchor in order to balance the large amount of retail space on offer.
In total, 100 retail units, 25 restaurants and a multi-screen cinema are expected to be housed in the large scale development, resulting in the creation of a minimum of 2,000 jobs.
By the time the Buchanan Galleries extension opens in 2017, CACI research indicates that consumer spending potential in Glasgow will have reached £2.59 billion per annum, meaning retailers looking to move into the extension will face stiff competition.
With the retail industry going beginning to recover and an increase in tourism greatly helping in fuelling this growth, Land Securities will be confident of finding tenants for their new developments.
Do you think these large retail developments will prove highly profitable in the long run or are consumer habits changing too rapidly for accurate predictions to be made?
Previous Post
Irish Commercial Development Activity Hits Six Year High
