A £7 MILLION revamp for a landmark Glasgow building has been announced with details of the next chapter in a Scottish family-run jewellers in the city.
Savills, on behalf of Royal London (Mutual Insurance Society Ltd), said the letting arrangement with luxury watch and jewellery retailer Laings on Buchanan Street, Glasgow, will help further cement the thoroughfare’s position as a shopping destination.
Laings will occupy the retail unit at Rowan House, 66-70 Buchanan Street, as well as the four floors of offices above on two simultaneous 15-year leases, paying a combined rent of £625,000 per annum.
The store has a prominent position on one of the country’s leading shopping streets where other occupiers located nearby include Nespresso, Massimo Dutti and Omega.
Royal London will be investing over £2 million in a complete refurbishment of the property whilst Laings will be spending over £5 million on creating a flagship store for the business.
Yasin Sadiq, of Royal London, said: “The letting to Laings at Rowan House clearly indicates the continuing strength of Buchanan Street as one of the finest retailing thoroughfares in the UK. We are absolutely delighted to be able to support Laings in creating a wonderful flagship showroom.”
Stuart Moncur, head of national retail at Savills, said: “After what has been a tricky period for so many high streets, it’s great to see a retailer investing in what is undoubtably one of the most beautiful buildings on Buchanan Street.
“With the contraction of the retail provision within Glasgow city centre, we are seeing significant levels of occupier interest in this prime section of Buchanan Street.”
Stuart McDowell, managing director of Laings, said ealier the move is part of a multi-layer expansion, adding: “The centrepiece of this investment plan is our new flagship showroom in Glasgow, where we’ll be bringing Laings to the forefront while creating unique, immersive experiences for our clients.”
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