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Current commercial property outlookSome exttracts from the informative and authoratitive Scottish Property Report from Ryden the mega property development consultants:
BAM Properties Ltd is currently refurbishing the former Early Learning Centre and Principles’ units at 26 Buchanan Street to create a flagship store extending to 3,000 sq.m. over basement, ground, first and second floors. Dialogue with a retailer is well underway. Quoting rent for the unit is £1.3 million per annum.
On Argyle Street, TK Maxx has agreed to take occupation of numbers 36-40 (6,438 sq.m.) on a new 15-year lease. TK Maxx’s arrival may add to the attraction of the west end of Argyle Street and improve footfall to entice further retailers to surrounding vacant units.
Work continues on the £100 million refurbishment of the St Enoch Centre. Deals are in place with G-Star Raw, Kimble, Tesco and Boots. It has recently been announced that H&M and Costa Coffee will both open major new stores. The H&M store will be within the new mall, while Costa Coffee will open a 185 sq.m. flagship store with a mezzanine floor in a prime unit facing on to St Enoch Square.
Commencement of works on the extension to the Buchanan Galleries Shopping Centre has been delayed until early 2010. Agents are reporting reasonable interest in the former Open unit which will be reconfigured to provide two units comprising 215 sq.m. over two floors.
At Glasgow Fort on the city’s eastern edge, the proposed 16,257 sq.m. Phase 2, to be anchored by Marks & Spencer, has been put on hold. It is not known when Phase 2 will be built.
Closer to Glasgow city centre, a 1,685 sq.m. building has been sold at Watermark Business Park, Govan in addition to the letting of Pavilion 3 (850 sq.m.) to Hulle & Kirkwood. At Craighall Business Park, Port Dundas, following on from the sale
of Building 6 (1,205 sq.m.) to BieldHousing Association, the Sinclair Building (1,605 sq.m.) is presently under construction
and has been sold to an investor who in turn will be offering the space for lease.
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