Press releases

British Land completes 16 deals at Glasgow Fort enhancing the retail and dining provision

05 Apr 2017

British Land and Hercules Unit Trust (HUT) announce a flurry of new retail, food and beverage lettings at Glasgow Fort. These lettings follow the completion of the new £12 million Leisure Quarter which features four restaurants and a 600-space multi-storey car park. The car park provides 30% additional parking capacity to accommodate increasing customer numbers.

  • Superdry has signed for its largest store in Glasgow and its first out-of-town store in the UK taking 12,000 sq ft on a 10 year lease
  • Gourmet Burger Kitchen (3,000 sq ft, 15 year lease) and Thai street food operator Thaikhun (3,750 sq ft, 15 year lease) have taken space at the new Leisure Quarter
  • Paperchase has taken its first Scottish out-of-town store with 2,000 sq ft on a 10 year lease
  • Smiggle is set to open its first out-of-town store in the UK taking 1,000 sq ft on a 10 year lease
  • YO! Sushi will transform the centre’s entrance with a 2,300 sq ft restaurant on a 20 year lease
  • Costa has upsized and will open one of its largest UK units taking 3,500 sq ft on a 10 year lease
  • Footasylum has signed for 5,000 sq ft on a 10 year lease
  • Pret a Manger will operate a bespoke 2,500 sq ft glazed pod featuring a green living wall on a 20 year lease
  • Tessuti will complement the centre’s extensive fashion offering by sharing a 10,000 sq ft store with Scotts on a 15 year lease
  • Waterstones has signed for 3,300 sq ft on a 10 year lease
  • Café Rouge has taken 3,900 sq ft on a 15 year lease for its first Scottish out-of-town restaurant
  • Nando’s which has traded very successfully since first opening at Glasgow Fort has extended into an adjacent unit almost doubling its space to 4,700 sq ft on a 15 year lease
  • JD Sports has also doubled its space at the centre and will open a 10,000 sq ft store on a 15 year lease
  • Mamas & Papas has moved within the centre to a new 5,000 sq ft unit on a 15 year lease.

James Duck, Asset Manager for British Land, said: “Glasgow Fort is a great example of how we’re creating outstanding places that reflect people’s changing lifestyles, and there’s more to come.

“Glasgow Fort’s continued outperformance gave us the confidence to develop the Leisure Quarter increasing the breadth and depth of our food and beverage offering and providing an additional 600 car parking spaces to accommodate growing customer numbers.”

The Leisure Quarter features a unique CorTen rusted steel design and introduces a new palette of materials to the centre including a living green canopy and walls, sustainably sourced timber and natural ventilation to enhance wellbeing. The development provides almost 3,000 sq ft of outdoor dining space, green public spaces, an improved public realm and children’s pocket parks providing places to gather, socialise and play in between the restaurants.

Delivery of the Leisure Quarter follows the opening of a £35.5 million retail extension anchored by a full-line 80,000 sq ft M&S in 2015 and a £9 million leisure extension in 2013. The extensions have changed the demographic of people shopping at the centre and delivered footfall increases.

Glasgow Fort is ranked as the top UK centre in its category by Javelin (Venuescore 2016) and is the top centre in its category in Scotland according to CACI.

Glasgow Fort has a catchment of over 2 million people and now features 90 leading shopping and leisure brands including Zara, Pandora, Topshop, River Island, Fat Face, KIKO Milano, schuh and Wagamama. Glasgow Fort has extended opening hours until 10pm, the longest of any Scottish centre, with 50% of trade taking place after 5pm.

British Land and HUT are represented by Paradigm and Cushman & Wakefield.

Enquiries:  
Investor Relations  
Jonathan Rae, British Land 020 7467 2938
   
Media  
Pip Wood, British Land 020 7467 2838
Jackie Janssen, British Land 020 7467 3449
   
Emma Hammond, FTI Consulting 020 3727 1227
Gordon Simpson, Finsbury Group 020 7251 3801

Notes to Editors

About British Land

We are one of Europe's largest publicly listed real estate companies. We own, manage, develop and finance a portfolio of high quality UK commercial property, focused on Retail and London Offices and Residential. We own or manage total assets of £19.0 billion (British Land share is £13.9 billion) as valued at 30 September 2016. Our properties are home to over 1,200 different organisations ranging from international brands to local start-ups.

Our strategy is to create Places People Prefer. It is based on long term trends and creates a portfolio suited to current and future needs which are aligned to modern lifestyles. We employ our placemaking skills, and increasingly our mixed-use expertise to expand the appeal to a broader range of occupiers and drive long term performance.

Retail accounts for 49% of our portfolio. We create outstanding places for modern consumer lifestyles, places to shop, eat and be entertained. Comprising over 20 million sq ft of Retail and Leisure space across regional and local multi-let destinations, superstores, department stores and leisure assets, the Retail portfolio is modern, flexible and adaptable to a wide range of formats.

Office and Residential accounts for 49% of our portfolio. It comprises 7.6 million sq ft of well-connected office-led campuses and ‘campus-lite’ clusters of high quality buildings. Office campuses include Regent's Place and Paddington Central in the West End and Broadgate (50% share) in the City. Other assets include York House, 10 Portman Square and Marble Arch House and our residential assets are at Clarges Mayfair, The Hempel Collection and Aldgate Place.

Two per cent of our portfolio is at Canada Water - a 46 acre redevelopment opportunity in our medium term pipeline to create a new mixed-use urban centre for London.

Sustainability is embedded throughout our business. Our places become part of their local communities and promote health, improve productivity and increase enjoyment. We protect asset value through energy generation and efficiency, materials innovation and flood risk reduction and we develop skills and opportunities to help local people and businesses grow.

In April 2016 British Land received the Queen's Award for Enterprise: Sustainable Development, the UK's highest accolade for business success for economic, social and environmental benefits achievements over the last five years.

Further details can be found on the British Land website at www.britishland.com.

About Hercules Unit Trust

Hercules Unit Trust (HUT) is a Jersey-based closed-ended property unit trust with a fixed life which has been extended to 2020, and is subject to further extension with unit holder consent. HUT’s primary investment focus is major retail properties in the United Kingdom and, in particular, those properties that offer a critical mass of retailing and, where possible, have the benefit of Open A1 planning consent.

HUT is the UK’s largest specialist retail warehouse property unit trust. As at 31 March 2016, the Trust owned and managed 12 regional and local centres, including Glasgow Fort in Glasgow and 50% of Fort Kinnaird in Edinburgh, providing in total around 3.5 million sq ft of space. Key tenants of the centres include Primark, Next, Boots, M&S, Arcadia, H&M, New Look, JD Sports and TK Maxx. British Land is Property Adviser to HUT and Crestbridge Hercules Management IC is the Manager.

Crestbridge Hercules Management IC

Crestbridge Hercules Management IC is a cell company subsidiary of Crestbridge Management ICC, part of the Crestbridge group of companies. Crestbridge is an independent provider of administration, management and corporate governance services. Crestbridge Hercules Management IC is regulated by the Jersey Financial Services Commission.

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