The redevelopment of the Atlas site is only the second major city centre retail development to begin in the UK since the financial downturn.
The project on 185-221 Buchanan Street will support an estimated 100 construction jobs during the development and regenerate an area on the prime retail pitch, which has been blighted by multiple ownership and lack of investment for over 25 years, the developer said. The scheme is expected to be completed in March 2013, well ahead of the Commonwealth Games in the city in 2014.
The 155,000 sq ft project will be built opposite Buchanan Galleries and should help boost the northern end of Buchanan Street as a retail destination.
The site was acquired out of administration in December 2009 with planning consent for a retail development. Land Securities has received approval for an updated planning application from Glasgow City Council.
Land Securities’ chief executive Francis Salway 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.
“We have committed to a £1bn development programme in the UK over the past 12 months which will contribute to economic growth and will be creating about 14,000 jobs in the construction and manufacturing sectors.”
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