06 Feb 2024
M Core, a leading commercial property and investment collective, has made a bold entrance into 2024 with the acquisition of the renowned Princes Square retail development in the heart of Glasgow city centre.
Princes Square, occupying a prime position on Buchanan Street, is a landmark within Glasgow's vibrant city centre, which is widely acknowledged as the UK’s best retail centre outside of London.
The 118,625 sq ft property, acquired for an undisclosed sum, features four self-contained retail units along Buchanan Street and an inner mall spread across five levels, with occupants including Levi’s, Michael Kors, Cos, Office, Sweaty Betty and Everyman Cinema.
This strategic acquisition aligns with M Core’s proactive approach to securing key properties in shopping parades, shopping centres and retail parks nationwide. It follows closely on the heels of the recent landmark acquisition of The Centre Livingston, a major retail and leisure destination encompassing one million square feet, by commercial property companies LCP and Evolve Estates, which are part of M Core.
LCP, part of M Core, has been appointed to manage Princes Square.
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.”
The five-storey Grade B listed building, dating back to the 1840s, was recognised in 2016 as Scotland's best building of the last century by the Royal Incorporation of Architects in Scotland, adding historical significance to M Core's expanding portfolio.
M Core has invested more than £275 million in the past 12 months across UK commercial real estate, with notable acquisitions such as The Centre, Livingston, Cwmbran Centre, The Galleries in Washington, Sunderland, and Three Spires in Lichfield. Armed with £500 million for investments ranging from £2 million to £250 million, M Core actively seeks new sites for acquisition.
Legal representation for the purchaser Sheet Anchor, part of M Core, was provided by Kelsey Gibson at MacRoberts, with Ben Farrell of JLL acting as agent. Savills and Sheridan Keane acted as agents for the vendor, supported by Dentons.