Land Securities announces that it has completed the purchase of the property known as The Atlas Site on Glasgow's Buchanan Street directly opposite its Buchanan Galleries shopping centre, jointly owned with Henderson Global Investors, for just under £10 million.
The site was acquired from Atlas Investments Ltd, a wholly owned subsidiary of The Elementary Property Company Ltd (in Receivership) which is currently under the control of Deloitte. The acquired interest forms the majority of a development site over which detailed planning consent has been achieved for a mixed use development.
Commenting on the 11.2 million sale, Richard Akers, Managing Director Retail for Land Securities said: "This is an excellent acquisition for Land Securities as the site has development potential with 60 metres of frontage onto Buchanan Street. Adjacent to our existing Buchanan Galleries shopping centre it allows us to further enhance the retail offer and cement this part of Buchanan Street as a premier retail destination."
Councillor George Ryan, Executive Member for Business and the Economy at Glasgow City Council, said: "We were working hard with the previous owners of the site to deliver a viable and attractive scheme for this site. We are delighted that Land Securities have stepped in to keep the scheme alive and believe that it can play a significant part in enhancing Glasgow's offer to residents, visitors and the wider business community. We are very keen to see progress on the CPO and the development of the site."
Source: Land Securities Group PLC