Scotland business

Buchanan Street 'most expensive outside London'

Buchanan Street Image copyright David Cameron
Image caption The report suggested Buchanan Street commands higher rents than Edinburgh's Princes Street

Glasgow's Buchanan Street is the most expensive UK shopping destination outside London, according to a report.

Research by real estate firm Cushman & Wakefield suggested it can command a rental of nearly £1,900 per sq m.

That outstrips Princes Street in Edinburgh (£1,406), Market Street, Manchester (£1,372) and Briggate, Leeds (£1,208).

However, Buchanan Street's rents lag well behind London's New Bond Street, which costs just over £8,000 per sq m.

According to Cushman & Wakefield's Main Streets Across the World report, New York's Upper Fifth Avenue has become the world's most expensive shopping destination, at a rental of £23,237 per sq m.

'Enduring appeal'

Ross Wilkie, from Cushman & Wakefield in Glasgow, said: "Buchanan Street continues to have an enduring appeal to retailers and customers alike, benefiting from high levels of footfall and strong demand from operators looking to open Scottish flagship stores.

"Recent activity on the street includes new lettings to Ted Baker, Lush, Kiehls and Hard Rock Cafe.

"The future for the street will only be strengthened further with the proposed extension to Buchanan Galleries in the coming years."

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