Princes Square, one of Glasgow’s most prestigious shopping and leisure destinations, has been acquired by a new owner who plans to bring in more high-profile brands and restaurants. The property and investment collective M Core has purchased the five-storey Grade B listed building for an undisclosed sum from Redevco, the previous owner who had invested £7.5m in refurbishing the centre in 2020.
A landmark in Glasgow’s city centre
Princes Square, which first opened in 1988, occupies a prime position on Buchanan Street, the main shopping street in Glasgow. The centre features four self-contained retail units along the street and an inner mall spread across five levels. The centre boasts a mix of fashion, beauty, lifestyle, and entertainment brands, such as Kate Spade, Kurt Geiger, Space NK, Levi’s, Michael Kors, Sweaty Betty, and Everyman Cinema. It also offers a variety of dining options, such as Zizzi, Il Pavone, Cranachan, Tinderbox, and Cafe Bom Bon.
The centre is popular among locals and tourists alike, attracting an annual footfall of over 52 million. It is widely acknowledged as the UK’s best retail centre outside of London, and was recognised in 2016 as Scotland’s best building of the last century by the Royal Incorporation of Architects in Scotland.
A strategic acquisition by M Core
M Core, a leading commercial property and investment collective, has announced the acquisition of Princes Square as part of its strategy to secure key properties in shopping parades, shopping centres, and retail parks nationwide. M Core has appointed LCP, a commercial property specialist and part of M Core, to manage Princes Square.
James Buchanan, LCP Group’s 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.”
A vision for the future of Princes Square
M Core and LCP have expressed their vision for the future of Princes Square, which involves attracting more high-profile retail and restaurant occupiers, including new entrants to the Glasgow market. They have also hinted at possible enhancements to the centre’s design and facilities, while preserving its historic and architectural features.
Roddy Proudfoot, head of LCP’s Scotland office, said: “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.”
M Core said: “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. This strategic acquisition aligns with M Core’s proactive approach to securing key properties in shopping parades, shopping centres and retail parks nationwide.”
Princes Square has been contacted for comment.
