£15m Takeover of Glasgow Poundland Leads to Restaurant Plans

Glasgow Poundland – AN INVESTMENT firm who snapped up a Sauchiehall Street block in a £15.3m deal want to turn an occupied retail unit into a new restaurant.

DTZ Investors have applied to Glasgow City Council to change the use of a unit, which is currently occupied by Poundland, into a restaurant. The two storey premises also has vacant office space above Poundland.

The unit has previously operated under this use and was once occupied by Burger King before it was redeveloped for a retailer.

A planning statement by the firm said: “The increasing vacancy rates along Sauchiehall Street highlight a decrease in operator demand for class one retail premises in the area.”

The application also states that should a change of use be granted further planning applications would have to be submitted to Glasgow City Council to implement it including the installation of shopfront, plant equipment, ventilation etc.

It is not clear from the plans submitted this week whether DTZ Investors has a tenant in mind to take over the unit should it be allowed to operate as a restaurant.

The planning application, however, comes after DTZ Investors took over the site earlier this year.

They acquired the Sauchiehall Street properties, currently let to Bank of Scotland, Poundland and Dr Martens, from Legal & General Investment Management Real Assets.

Ross Burnett, partner at Montagu Evans, which represented DTZ, previously said: Glasgow is the UK’s strongest retail market after London and Sauchiehall Street has exceptionally high footfall of over 16 million per annum.

“This property occupies a prominent corner position on the prime pedestrianised pitch and is multi-let to high profile tenants, all making it an attractive acquisition for the fund.”

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Source: The Evening Times