UK's Largest Shopping Centre in Glasgow

Glasgow is currently enjoying a healthy flow of property investment and as a city it ranks amongst the best in terms of positive income returns and rental demand in the UK.  Its next claim to fame is the UK’s largest shopping centre.

In November, Glasgow City Council approved the outline planning application which will see Buchanan Galleries double in size. The completed centre, which is planned to open in 2011, will extend 1.3 million sq ft and will not be the only improvement in the city centre:

Buchanan Partnership (a joint venture between Land Securities and Henderson Global Investors) has committed to the extension of the shopping centre as well as constructing a new multi-storey car park on top of Buchanan Bus Station.  In addition, plans are underway to construct a new pedestrian bridge connecting to the extension of the car park; develop a new atrium entrance to Buchanan Galleries and the Royal Concert Hall; build new retail frontage on Buchanan Street, Cathedral Street and Killermont Street, as well as improve Buchanan Bus Station to create a modernized transport hub for the city.

Nick Davis, Development Director, Land Securities, said: “Our development proposals will complement and enhance the existing retail offer in the city centre and will serve to strengthen Glasgow’s appeal to both tourists and the wider business community.”

Meanwhile, the Scottish housing market has been out-performing that of the UK as a whole for no less than 17 consecutive quarters. According to latest statistics produced by the Nationwide Building Society, Scottish property saw the fastest growth in the UK, rising in value by 1.8% in the final quarter of 2007, and averaging at 14% for the whole year.

Rental demand has exceeded expectations, with leading Scottish letting portal, Citylets.co.uk, registering a 41% increase in tenant demand in January compared to the same period in 2007. “We expect that strong tenant demand will remain a feature of the first quarter of 2008 and possibly longer if the next interest rate cute fails to boost confidence. Although Scottish property price growth remains positive some would-be-buyers have decided that, for now, they are content to rent.”  The portal reports that  property in Glasgow takes an average of 29 days to rent, with 14% of properties being let within a week.

Award-winning projects such as GH2O prove to be the best bet for property investors seeking to tap into the high demand for accommodation in the city, according to the International Property Investment Network (IPIN).  Situated on the quiet banks of the River Clyde, this residential complex is a highly desirable address for trendy young professionals as it is conveniently positioned between the city centre, retail and leisure areas.

GH20 is part of the regeneration of Glasgow’s Clydebank area, which will include the creation of a new metropolitan environment consisting of residential, commercial, retail and leisure districts. Some of the projects already completed are: Radisson SAS Hotel, Argyle Street, Glasgow, Telford Drive, Edinburgh and Bewleys Hotel, Glasgow.

According to Gareth Milton, Head of Operations at IPIN, “This stunning addition to Glasgow’s skyline offers a choice of 15 modernistic apartment styles, and the project itself has been designed to ensure that 80% of these units enjoy direct views over the River Clyde. Following our extensive research and due diligence procedures, we believe GH2O offers a combination of great rental potential within a UK city experiencing continued economic growth.”

Like this? Then share with your friends and colleagues!