M Core snaps up Glasgow’s Princes Square shopping centre

Located in the heart of Glasgow, acknowledged as the UK’s best retail centre outside of London, the development occupies a prime position on Buchanan Street.

The 11,030 m2 property, purchased for an undisclosed sum, consists of four self-contained retail units along Buchanan Street and an inner mall spread across five levels. Occupants include Levi’s, Michael Kors, Cos, Office, Sweaty Betty and Everyman Cinema.

Dating back to the 1840s, the five-storey Grade B listed building was recognised in 2016 as Scotland's best building of the last century by the Royal Incorporation of Architects in Scotland.

James Buchanan, LCP group managing director, 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.’

Roddy Proudfoot, LCP director, head of Scotland office, added: ‘Buchanan Street is a renowned retail and leisure destination with an annual footfall exceeding 52 million, and offers significant potential. 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, part of M Core, has been appointed to manage Princes Square.

This acquisition follows the recent purchase of The Centre Livingston, a 92,000 m2 retail and leisure destination, by LCP and Evolve Estates, part of M Core.

M Core targets key properties in shopping parades, shopping centres and retail parks across the UK and disposes of £500 mln (€586 mln) for further investments.

M Core’s Sheet Anchor was legally advised by MacRoberts, while Savills and Sheridan Keane acted as agents for the vendor, supported by Dentons.