Scotland business

Glasgow's Buchanan Street among 'highest shop rents'

Buchanan Street, Glasgow
Image caption Buchanan Street continued to attract shoppers, tenants and developers despite the downturn

A Glasgow street has been named one of the most expensive retail centres in the UK by a property consultancy firm.

Cushman & Wakefield said Buchanan Street commanded a rent of £250 per square foot, and was only surpassed by the rent levels of five London Streets.

According to the report, the street rose four places to sixth - a position shared with shopping hotspots in Leeds, Manchester, Newcastle and Birmingham.

However, rents were down in three of these cities on the previous year.

The rental rate in Birmingham High Street fell by 9.1%, while Market Square in Manchester and Northumberland Street in Newcastle were both down 3.8%.

Commercial Street in Leeds and Glasgow's Buchanan Street registered no change from the previous year.

As well as shoppers and tenants, Buchanan Street also attracted investment with work underway on a Land Securities £70m development, and a £5.5m makeover for Princes Square.

Cushman & Wakefield's Stuart Moncur said: "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 this.

"Footfall levels have remained extremely strong over the last couple of years and we foresee this continuing."

London's Bond Street recorded the highest rental rate at £965 per square foot.

However, despite a rental increase of 4.3%, it dropped from fourth to sixth in global rankings.

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