Council cash unlocked for Buchanan Galleries overhaul
April 2 2012
It is hoped that this money will leverage a further £310m from mall owners Land Securities and Henderson to finance an expansion, dubbed the Buchanan Quarter, which will entail an expanded retail offer, new restaurants and a cinema complex around the revamped Queen Street Station.
Mindful of the likely adverse impact on struggling city centre thoroughfares such as Sauchiehall Street, recently hit by the closure of Game, the government has stressed that development must “maximise benefits” for the surrounding area.
Work will entail demolition of the existing multi-storey car park to build a new wing, designed by BDP, to the east of Queen Street Station.
The Buchanan Galleries are one of four pilot TIF schemes in Scotland, the others being Ravenscraig, Edinburgh and Aberdeen. Cumulatively they will add 1% to Scotland’s national debt.