Sovereign Land, the UK retail and leisure developer and asset manager, has signed leasing agreements with eight retailers for new stores at the St Enoch Centre in the heart of Glasgow.
Re-establishing St Enoch’s Argyle Street frontage as Glasgow’s “UK high street fashion” pitch, Sovereign Land has let an extended flagship store to Topshop and Topman. Topshop and Topman will move into a new 30,000 ft² (approx. 2,787 m²) flagship store, which will be 50% larger than its existing store at St Enoch.
Mothercare has signed for a 17,500 ft² (approx. 1625 m²), two-level store and will be a new addition to the centre. This will be one of its first UK in-town stores of this size for a number of years, and further enhances the centre’s focus on families and young fashion.
Other new lettings to Poundworld, Card Factory, WH Smith, Aftershock, HMV and Yankee Candle have also concluded.
Poundworld, has signed for an 8,000 ft² (approx. 743 m²) store, Card Factory will move into a 2,500 ft² unit, Aftershock has taken 2,000 ft² and Yankee Candle, which had a temporary kiosk in the centre, has taken 1,500 sq ft on a new long-term lease.
In addition, Burtons, Dorothy Perkins, JD Sports, WH Smith and HMV have all extended their leases.
St Enoch was acquired in October 2013 by Blackstone, which then appointed Sovereign Land as the asset manager. Comprising 830,000 ft² (approx. 77,109 m²), it is the largest shopping centre in Glasgow and attracts nearly 20 million visitors a year. Major tenants include Debenhams, Topshop, Topman, H&M, Superdry, Boots, Hamleys, Disney and Tesco.
Paul Bailey, leasing and asset manager at Sovereign Land, said: “We are delighted with the progress we’ve made since we acquired the centre six months ago. As well as the eight retailers that have signed for new stores, we have a further eight lettings agreed and in solicitors’ hands.
“We are also in discussions with a number of existing retailers, who wish to extend their leases in advance of their expiry and we are also experiencing a significant uplift in interest from food & beverage and leisure operators, both for the existing centre, and for the centre’s longer term redevelopment proposals, to further enhance the overall offer and increase dwell time”.
Source: Sovereign Land