Glasgow Council works with developers to redevelop Buchanan Galleries

Glasgow City Council is set to enter into negotiations with Landsec, the head tenant of the Buchanan Galleries, over plans to redevelop the site into a new mixed-use quarter for the city centre.

The proposals for the Galleries outline a new net-zero, mixed-use retail, office, leisure and residential area, to be delivered through a decade-long project between 2023 and 2033.

The plans reflect changes in retail activity accelerated by the pandemic and other city centre trends, and a move towards more multi-functional and sustainable planning in the city.

Cllr Susan Aitken, Leader of Glasgow City Council, said: ‘Glasgow, like town and city centres everywhere, is facing significant and accelerating structural changes. These initial proposals detail a response to those changes, ensuring Glasgow has a vibrant, successful and evolving city centre which continues to be the envy of our peers. 

‘Approval for the commencement of negotiations with Landsec would allow us to push ahead with addressing oncoming challenges and opportunities in this rapidly changing world. A 21st century city centre delivering on Glasgow’s international standing and ambitions means more mixed-use developments, a greater residential population, more public spaces, sustainable transport options and more people-focused streets. The transformation of the Buchanan Galleries can be a vote of confidence on Glasgow’s future.’

The Council is considering using Tax Incremental Finance (TIF) to support some of the major enabling works that would be required for the masterplan to be delivered.

TIF allows a local authority to borrow over 25 years to deliver enabling works in the form of new and enhanced public realm and community infrastructure, creating an environment that will leverage new private sector investment.

In related news, Covid-19 has cost businesses in cities and large town centres more than a third of their potential takings since March 2020, according to a new report from Centre for Cities.

Photo supplied by Glasgow City Council