It is the upmarket shopping mall that acclaimed travel writer Bill Bryson labelled one of the most intelligent pieces of urban renewal.
Now Princes Square shopping centre in Glasgow, which was once voted Scotland’s best building of the last 100 years, has been sold, with the new owners promising to attract new names.
It has been bought by commercial property and investment collective M Core, with discussions now under way with potential “high-profile” retail and restaurant occupiers.
The price paid has not been disclosed.
M Core is a collective of property investment and management companies comprising LCP, Sheet Anchor, Evolve Estates and Proudreed. The group of businesses has a £5.3 billion portfolio of assets and employs nearly 500 people across Europe.
LCP has been appointed to manage Princes Square.
The 118,625 sq ft property features four self-contained retail units along Buchanan Street and an inner mall spread across five levels, with occupants including Levi’s, Michael Kors, Cos, Office, Sweaty Betty and Everyman Cinema.
M Core did not name the seller, but Princes Square’s website states that the shopping centre was owned by Redevco, a Dutch real estate management services group.
Roddy Proudfoot, LCP director and head of the company’s Scotland office, said: “Buchanan Street is a renowned retail and leisure destination with an annual footfall exceeding 52 million, and offers significant potential.
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“We are already engaged in discussions with high-profile potential retail and restaurant occupiers, including new entrants to the Glasgow market, and look forward to making announcements in the coming weeks.”
LCP group managing director James Buchanan said: “The acquisition of Princes Square is a fitting start to 2024. Situated in the heart of Glasgow, it boasts significant retail, food, and leisure brands.
“With our proven track record in focused investment and intensive asset management, we are poised to capitalise on market opportunities, enhance value, and provide excellent offerings for our tenants.”
Princes Square opened in its current format as a shopping and dining destination in 1988. It has undergone a £7.5 million refurbishment.
The five-storey, grade-B-listed building, dating back to the 1840s, was recognised in 2016 as Scotland’s best building of the last century by the Royal Incorporation of Architects in Scotland, which M Core declared added “historical significance” to its expanding portfolio.
M Core said: “Princes Square, occupying a prime position on Buchanan Street, is a landmark within Glasgow’s vibrant city centre, which is widely acknowledged as the UK’s best retail centre outside of London.
“This strategic acquisition aligns with M Core’s proactive approach to securing key properties in shopping parades, shopping centres and retail parks nationwide.”
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Princes Square notes on its website: “The original buildings consisted of a four-storey merchant square built in yellow sandstone and completed in 1841. The then owner, James Campbell, was knighted by Queen Victoria and later became Lord Provost of Glasgow. In celebration of the birth of the Prince of Wales, later to become Edward VII, he named his new building Princes Square.”
The buildings were developed by GRE Properties in the 1980s.
Princes Square adds: “The brief then was to preserve and restore the original buildings but create a modern shopping and dining centre of quality and distinction with an emphasis on style – which remains within the centre today.
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Noting author Bill Bryson’s description of Princes Square as “one of the most intelligent pieces of urban renewal”, it adds: “Bill Bryson describes the Princes Square building perfectly and it appears that many are in agreement.
“In 2016, Princes Square was named as ‘Scotland’s Favourite Building’ which was awarded as part of the Royal Incorporation of Architects’ Scotstyle competition. The building has won many design prizes from RIBA (Royal Institute of British Architects) and the Civic Trust among others, but this was awarded as a result of a public vote.”
The Princes Square deal by M Core follows the acquisition of The Centre Livingston, a retail and leisure destination encompassing one million square feet, by LCP and Evolve Estates.
M Core noted it had invested more than £275m in the past 12 months across UK commercial real estate, with other acquisitions including the Cwmbran Centre in Wales, The Galleries at Washington in Tyne and Wear, and Three Spires at Lichfield in Staffordshire.
It said: “Armed with £500m for investments ranging from £2m to £250m, M Core actively seeks new sites for acquisition.”
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