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Home Retail Glasgow’s Buchanan Street has one of the ‘highest shop rents’

Buchanan Street in Glasgow has been named as the most expensive retail centre in the UK.

Property consultancy firm Cushman & Wakefield said Buchanan Street commanded a rent of £250 per square foot.

The Glasgow street was only surpassed by the rent level of five streets in London, New Bond Street, Oxford Street, Covent Garden, Brompton Rodn and Regent Street.

According to the report, the street rose four places to sixth – a position shared with shopping hotspots in Leeds, Manchester, Newcastle and Birmingham.

However, the rental rate in Birmingham High Street fell by 9.1%, while Market Square in Manchester and Northumberland Street in Newcastle were both down 3.8%.

Commercial Street in Leeds and Glasgow’s Buchanan Street registered no change from the previous year.

Along with shoppers and tenants, Buchanan Street attracted investment with work started on a Land Securities £70million development, and a £5.5million makeover for Princes Square.

Cushman & Wakefield’s Stuart Moncur said: “The fact that Land Securities chose Buchanan Street for one of the few large retail schemes planned for the UK since the downturn in the market clearly illustrates the confidence investors, developers and occupiers have in the retail market on Buchanan Street.

“Demand has remained strong for well configured properties on Buchanan Street and the fact the development at 185-221 Buchanan Street is now all under offer is indicative of this.

“Footfall levels have remained extremely strong over the last couple of years and we foresee this continuing.”

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