The demolition of the 23-year-old shopping centre is to open up space for offices, homes and more shops.
Glasgow shopping centre Buchanan Galleries is set to be demolished and replaced with a new multi-purpose development featuring retail, leisure and office space as well as a residential area.
Glasgow City Council is considering financing the project through Tax Incremental Finance (TIF). This financial mechanism promoted by the Scottish Government allows for local authorities to borrow money for a project intended to enhance public and community infrastructure which would in turn attract private sector investment. The additional public sector revenues brought about by the project are intended to repay the financing requirements of the infrastructure.
Council Leader Susan Aitken has emphasised that this would save the city's shopping centre rather than destroy it. This proposal of redevelopment stems firstly from the need to address the changes in the retail sector which were heightened by the pandemic and saw the current shopping centre make losses, and at the same time support the sustainability goals of the city.
Susan Aitken said: "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.”
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