On behalf of Old Park Lane Management (OPLM), Savills, has advised on the leasing of a flagship Buchanan Street retail unit in Glasgow to Lush.
Lush has agreed a new 15-year lease on 98 Buchanan Street at a rent of £900,000 per annum. This is one of Glasgow city centre’s most iconic buildings and will allow Lush to create a new global flagship store. The building extends over basement, ground and three upper floors, totalling circa 20,000sq ft and is one of very few island sites on Scotland’s busiest retailing thoroughfare.
Lush says it will create an “immersive retail and spa experience” across several floors.
James Cooksey, CEO at OPLM, said: “We are delighted to have concluded terms with Lush to create their new flagship store. Ellen and the team have been fantastic to deal with and we much look forward to working together going forward.”
Stuart Moncur, head of national retail at Savills, added: “With this being one of the most iconic retailing opportunities within Glasgow city centre, we witnessed a great deal of occupier interest in the property. Since the start of this year we have seen strong occupational demand for stores on Buchanan Street and this letting to Lush really does highlight this. We are excited to see the investment Lush will make to the building and create a truly global flagship store. This letting comes on the back of a number of other recent lettings and we expect more to be announced shortly”.
