Go-ahead for £390m Glasgow city centre revamp

Aaron Morby 10 years ago
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A controversial scheme to upgrade a Glasgow city centre by borrowing £80m against future business rates has been approved.

Glasgow City Council will borrow the cash through Tax Incremental Financing to lever in an extra £310m for the Buchanan Quarter project.

The project will revamp George Square and the Buchanan Galleries shopping centre ahead of the Commonwealth Games in 2014.

The Royal Concert Hall and Buchanan Street will be upgraded, the Cathedral Street bridge strengthened and access to Queen Street station improved.

Subsequent projected rises in business rates will then be used to repay the load.

Deputy First Minister Nicola Sturgeon said: “Big building projects like Buchanan Quarter are not just about the improved infrastructure we gain at the end, they are about the employment and the training that takes place during construction.

“This development will continue the regeneration of the city centre, improving the public spaces and creating modern, vibrant new facilities that will cement Glasgow’s position as a major international destination for visitors.

    Buchanan Quarter TIF scheme

    • lever in £310m of private sector investment
    • deliver around 1500 jobs
    • £36m of extra economic activity to Glasgow annually
    • 392,000 sq ft expansion of the Buchanan Galleries
    • inject £80m into public infrastructure works and public realm improvements
    • create a new 1500-space car park at Queen Street Station with 35,000 sq ft of shops
    • provide 50,000 sq ft of new retail development at southern end of the existing Buchanan Galleries site.

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