Vans and Evans join Buchanan Street venture

Wednesday 6 March 2013

CALIFORNIAN footwear brand Vans and bike store Evans Cycles have completed the line-up at Glasgow's latest city centre retail development, 185-221 Buchanan Street.

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SCOTT WRIGHT

The new shopping and residential destination, which opens on March 22, has been developed by Lands Securities.

The £70 million project, which includes nine stores and 49 residential apartments, is located across from the Buchanan Galleries, itself a joint venture between Land Securities and Henderson Global Investors.

Vans, which will open its first Scottish store at the site, and Evans are the final tenants to take space at 185-221 Buchanan Street.The 150,000 square feet of retail space will also feature stores from Paperchase, Gap, Fat Face, Sketchers, Office, Watches of Switzerland and Forever 21, whose outlet will also be its first in Scotland.The new stores are expected to employ a total of around 200 staff.A spokesman for Land Securities said the successful pre-let campaign showed there was "demand for good-sized retail units on Buchanan Street".However Stuart Moncur, head of national retail services at property company Cushman & Wakefield, said the new site had "soaked up outstanding demand" for shop space in the street.He said rental values have peaked in Buchanan Street after rising steadily in the past 10 years.Mr Moncur added: "What you have seen is that rents have plateaued. "They're stable, but there's a handful of retailers just now who are struggling with the level of rents on the street, and have put their leases on the market."There's two reasons for that, one being the level of rent and occupational costs of the store, the other being the general economic environment we're faced with, not just in Glasgow but across the UK."Plans by Land Securities and Henderson Global Investors to expand Buchanan Galleries by 400,000 square feet are currently before the council.The proposals would take the space occupied by the Galleries up to one million square feet, including new Cathedral Street frontage.

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Vans and Evans join Buchanan Street venture

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