CBRE BRINGS NEW FASHION RETAILER TO SCOTLAND
On behalf of TH Real Estate, leading property consultancy CBRE has announced it has secured contemporary clothing retailer Massimo Dutti for a store on Buchanan Street in Glasgow, representing the brand’s first offering in the UK outside of London.
TH Real Estate acts for the landlord, Warburg-HIH Invest Real Estate GmbH (Warburg-HIH Invest, previously: Warburg - Henderson).
Massimo Dutti, part of the Inditex Group which also includes Zara and Pull & Bear, has taken the former USC outlet at 71-77 Buchanan Street, extending to 11,000 sq ft (1,022 sq m) over three floors. The retailer has secured the space on a new long term lease and intends to use the ground and first levels for sales trading with the basement level for back of house and storage when it opens in the new year.
Massimo Dutti was founded in 1985 and now has 804 stores in more than 70 countries. Originally aimed at men's fashion, the retailer launched women's fashion in 1995 and children’s fashion followed in 2003. This lead to international growth and today the company has over 4,000 employees worldwide.
We are delighted to have concluded a deal for the former USC unit to a quality retailer like Massimo Dutti. The property offers one of the few true flagship store opportunities on Buchanan Street and serves only to reinforce the importance of Glasgow’s position in the UK retail hierarchy for both domestic and international retailers.
Not only did Massimo Dutti select Glasgow for its first UK store outside of London but the deal represents one of the biggest retail lettings in the city so far this year.
Martin Payne, fund manager, TH Real Estate, comments: “We are excited to have completed on such a high profile letting for our client. Located in the heart of Glasgow, Buchanan Street benefits from strong footfall thanks to its impressive mix of international and independent brands and is the perfect location for Massimo Dutti’s expansion outside of London. We are confident that the new store will trade extremely well.”
CBRE represented TH Real Estate on behalf of the landlord, Warburg-HIH Invest, in the transaction whilst Eric Young & Co acted for Massimo Dutti.