September 1 2011

Glasgow’s premier shopping thoroughfare, Buchanan Street, is the sixth most expensive locale in the UK in which to rent retail space – according to Cushman & Wakefiled.

The property consultancy found that the street could command a rent £250 per square foot, placing it on level pegging with Birmingham’s High Street, Leeds Commercial Street, Manchester’s Market Square and Newcastle’s Northumberland Street.

Despite its ascent from 10th spot last year Buchanan Street was still humbled by prime London rents, with the capitals New Bond Street being valued nearly four times higher at £965 per sq/ft.

Cushman & Wakefield's Stuart Moncur, cited a £70m development from Land Securities and a £5.5m refurbishment of Princes Square as evidence of the streets success: "The fact that Land Securities chose Buchanan Street for one of the few large retail schemes planned for the UK since the downturn in the market clearly illustrates the confidence investors, developers and occupiers have in the retail market on Buchanan Street.

"Demand has remained strong for well configured properties on Buchanan Street and the fact the development at 185-221 Buchanan Street is now all under offer is indicative of thi. Footfall levels have remained extremely strong over the last couple of years and we foresee this continuing."

Top rental rates (per sq/ft)

1. London New Bond Street £965
2. London Oxford Street £715
3. London Covent Garden £600
4. London Brompton Road £575
5. London Regent Street £550
6. Glasgow Buchanan Street £250
=6 Birmingham High Street £250
=6 Leeds Commercial Street £250
=6 Manchester Market Square £250
=6 Newcastle Upon Tyne Northumberland Street £250

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