Land Securities buys Glasgow development site

Published:  04 January, 2010

Land Securities has bought a key development site in Glasgow, opposite its Buchanan Galleries shopping centre.

Press Release

Land Securities bought the site, known as “The Atlas Site” on Glasgow’s Buchanan Street, for just under £10m from Atlas Investments, a wholly owned subsidiary of The Elementary Property Company which is currently in receivership.

The site was already has detailed planning consent for a mixed use development and Richard Akers, Land Securities’ managing director for retail, said: “This is an excellent acquisition for Land Securities as the site has development potential with 60 metres of frontage onto Buchanan Street. 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.”

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