DOCSLIB.ORG

The Buchanan Partnership

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Buchanan Partnership The Buchanan Partnership BUCHANAN QUARTER – TAX INCREMENT FINANCE BUSINESS CASE Glasgow City Centre Retail Survey 22 November 2010 – rev 5d www.gvagrimley.co.uk GVA Grimley Ltd Buchanan Quarter TIF – Glasgow City Centre Retail Survey Contents 1. INTRODUCTION.........................................................................................................2 2. SURVEY METHODOLOGY........................................................................................5 3. SURVEY RESULTS....................................................................................................9 4. FUTURE VACANCY.................................................................................................14 5. PROPOSED ADDITIONAL FLOORSPACE ............................................................18 6. RETAILER REQUIREMENTS ..................................................................................21 7. RETAILER REQUIREMENTS AND AVAILABLE FLOORSPACE .........................25 8. SENSITIVITY ANALYSIS .........................................................................................27 9. CONCLUSION ..........................................................................................................30 22 November 2010 Rev 5d GVA Grimley Ltd Buchanan Quarter TIF – Glasgow City Centre Retail Survey Appendices Appendix 1 - Map of Primary and Secondary Retail Areas Appendix 2 - Primary Retail Area Unit Survey Appendix 3 - Secondary Retail Area - Unit Survey 22 November 2010 Rev 5d GVA Grimley Ltd Buchanan Quarter TIF – Glasgow City Centre Retail Survey Tables / Figures • Table A – Definition of Primary and Secondary Retail Locations • Table 1 – Average size of units surveyed • Table 2 – Analysis of vacant units • Table 3 – Current Retail Floorspace Supply • Table 4 – Retail Floorspace Capacity • Table 5 – Additional Retail Floorspace Demand • Table 6– Analysis of retailer requirements • Table 7 – Residual Demand for Retail Floorspace • Table 8 – Sensitivity Testing (Scenario 1) • Table 9 – Sensitivity Testing (Scenario 2) • Table 10 – Sensitivity Testing (Scenario 3) 22 November 2010 Rev 5d 1 GVA Grimley Ltd Buchanan Quarter TIF – Glasgow City Centre Retail Survey 1. INTRODUCTION 1.1 The Buchanan Partnership (between Land Securities PLC and Henderson Global Investors) owns the existing Buchanan Galleries Shopping Centre in Glasgow. The Galleries (circa 600,000 sq ft) is one of the largest shopping centres in Scotland. 1.2 On behalf of Glasgow City Council, The Buchanan Partnership instructed GVA Grimley Ltd in September 2010 to undertake a survey of retail premises in Glasgow City Centre as part of their Business Case to support their proposal to The Scottish Government for support through the Government’s Tax Increment Finance (TIF) pilot initiative. 1.3 If successful the TIF funding will be used for essential public infrastructure to enable proposed enhancements to the “Buchanan Quarter”. These infrastructure works will be complementary to the commercial developments associated with the Buchanan Quarter but will also help to maximise the wider economic and environmental benefits to Glasgow and the wider city- region that will undoubtedly result following the regeneration of the Buchanan Quarter. 1.4 Buchanan Partnership and Glasgow City Council are of the view that the planned Buchanan Quarter will operate effectively as an integral part of Glasgow City Centre’s Primary Retail Area. 1.5 The Buchanan Quarter Business Case as submitted sets out a proposal to offer 592,222 sq ft (55,000 sq metres) (gross) additional floorspace. This Retail Survey by GVA is concerned only with retail, restaurant or cafe floorspace in Glasgow City Centre (as defined in Appendix 1). Therefore to be consistent with this approach we have calculated the equivalent floorspace from the Buchanan Quarter Business Case for these use classes. This amount to circa 522,000 sq ft . The remainder of this Retail Report by GVA Grimley Ltd uses this latter figure and excludes the proposed floorspace for cinema, leisure and bars to allow for direct comparison with retail floorspace elsewhere in Glasgow City Centre. 1.6 Included within the Buchanan Quarter proposals are: • a new multi-storey car park and retail concourse adjacent to Queen Street Station to ensure that the proposed new development improves integration between the transport hub and the Buchanan Quarter. This integration will complement the extensive public realm improvements planned for the new Quarter. 22 November 2010 Rev 5d 2 GVA Grimley Ltd Buchanan Quarter TIF – Glasgow City Centre Retail Survey • the Atlas site (185-221 Buchanan Street) on the city block of Buchanan Street / Bath Street / West Nile Street (immediately west of the main entrance to the Galleries) which is proposed to accommodate circa 125,000 sq ft of retail on ground, first and second floors as well as residential apartments on the upper floors (the NNNDR from 185-221 Buchanan Street is excluded from the NNDR calculation in Glasgow City Council’s Tax Increment Financing Buchanan Quarter Business Case). Purpose of the Retail Survey 1.7 The purpose of this Retail Survey as part of the TIF Business Case is to demonstrate the level of stated retailer requirements which could be satisfactorily accommodated within Glasgow City Centre (in existing vacant retail units and proposed new retail floorspace) assuming the Buchanan Quarter proposals are not implemented. We then go on to examine the likely effect on existing and proposed retail floorspace if the Buchanan Quarter proposals proceed as planned. 1.8 As far as GVA Grimley Ltd is aware no retail survey of the type undertaken here for Glasgow City Centre has been published in recent years. Retail Impact 1.9 This report is not an assessment of retail impact as it is traditionally undertaken to accompany planning applications for large scale retail developments. 1.10 On behalf of The Buchanan Partnership, GVA Grimley Ltd undertook extensive pre- application discussions with retail experts in both Glasgow City Council and the Glasgow and Clyde Valley Structure Plan Team in the run-up to the preparation and submission of the outline planning application for the Buchanan Galleries extension in April 2007. Agreement was reached through these discussions that an assessment of potential retail impact would not be required for the proposed extension of the Buchanan Galleries, by virtue of the fact that the outline application site lies almost entirely within the Principal Retail Area of Glasgow City Centre as defined by the City Council in their local development plan. 1.11 This view corresponded with Scottish Government Planning Policy (SPP8) at the time of that decision. That policy stated that detailed assessments of need and impact analysis is not required when the proposals are in accordance with the development plan and are located in a defined city or town centre. 22 November 2010 Rev 5d 3 GVA Grimley Ltd Buchanan Quarter TIF – Glasgow City Centre Retail Survey 1.12 Glasgow City Council are committed to ensuring that Glasgow City Centre, as the sustainable heart of the city-region and the West of Scotland, will continue to provide a range and intensity of retail and other city centre uses that will consolidate its place as one of the UK’s prime retail locations. 1.13 Glasgow’s Local Development Plan (City Plan 2; December 2009) and the Glasgow and Clyde Valley Structure Plan (2006) both identify a development strategy to deliver this aim, which seeks to provide opportunities to promote modern forms of commercial development in accessible locations, particularly, by sustaining and improving Glasgow City Centre as the commercial focus for Scotland’s largest city-region. The Buchanan Quarter proposals form an integral component of these plans. 22 November 2010 Rev 5d 4 GVA Grimley Ltd Buchanan Quarter TIF – Glasgow City Centre Retail Survey 2. SURVEY METHODOLOGY Assumptions 2.1 GVA Grimley Ltd has used a number of assumptions in their methodology for this Retail Survey. The principal assumptions are set out below. • The stated retailer requirements and their associated floorspace demands for Glasgow City Centre are accurate at the time of conducting the Retail Survey (September 2010); • All retail properties not trading on the date the retail survey was carried out are defined as being “vacant” for the purposes of this Retail Survey. This includes units being refitted at the time of the survey which may or may not have an identified retailer operator associated with that refurbished property. • Based on our local knowledge we have assumed all of the currently identified vacant units will be available at a similar level of floorspace for reoccupation by retail uses during the period of implementation of the Buchanan Quarter. • Stated retailer requirements could be accommodated without significant constraints within the identified vacant units within the Study Area. • Stated retailer requirements for “prime” and “secondary” locations correspond to the primary and secondary locations defined in this Study. • Those floorspace for retailers stating Glasgow as an “aspirational” requirement location has been split equally between GVA Grimley Ltd’s definition of primary and secondary locations; • The identified proposed additional new retail floorspace in the study area will be developed within the timescale of completing the Buchanan Quarter development • Suitable retail floorspace to accommodate previously stated requirements for Selfridges (circa 120,000 sq ft) and Harvey Nicholls
Load more

Recommended publications
  • 1 October 2015 the HEPWORTH WAKEFIELD's PLANS for a NEW
    PRESS RELEASE – 1 October 2015 THE HEPWORTH WAKEFIELD’S PLANS FOR A NEW 6,000SQ METRE PUBLIC GARDEN BY WORLD’S LEADING INTERNATIONAL GARDEN DESIGNERS ARE NOW ON DISPLAY AS PART OF THE GALLERY’S 5TH ANNIVERSARY CELEBRATIONS THE HEPWORTH RIVERSIDE GARDEN The Hepworth Wakefield in West Yorkshire has revealed major plans for a new public garden measuring approximately 6,000 square metres, as part of the gallery’s 5th anniversary celebrations. Four designs by some of the world’s leading international garden designers and visionary landscape architects are vying for the chance to create The Hepworth Riverside Garden at the award-winning gallery. A judging panel of ten comprising David Liddiment (Chair); Simon Wallis, THW Director; Jane Marriott, THW Deputy Director; Chris Blundell, RHS; Edwina Sassoon, Royal Academy of Arts; Anna Pavord, author and writer; Christopher Woodward, Director, The Garden Museum; Cllr Peter Box, Leader of Wakefield Council; Dr Evelyn Stern, David Chipperfield Architects; and Michael Ziff, The Hepworth Wakefield Trustee, has shortlisted four designs for public consultation. The shortlisted designs are presented by multi award-winning designers Christopher Bradley Hole (and Brita von Schoenaich (joint submission), Tom Stuart-Smith, Cleve West, and Peter Wirtz, who between them have won an impressive 16 gold medals and 6 coveted ‘best in show’ awards at RHS Chelsea Flower Show. These shortlisted designs will be displayed on garden sheds outside in the existing gallery garden at The Hepworth Wakefield, for four weeks until 31 October. Local residents, visitors and supporters of the gallery are invited to come and see the displayed designs in-situ and give their feedback by completing a questionnaire in the gallery.
    [Show full text]
  • The Golden Ratio for Social Marketing
    30/ 60/ 10: The Golden Ratio for Social Marketing February 2014 www.rallyverse.com @rallyverse In planning your social media content marketing strategy, what’s the right mix of content? Road Runner Stoneyford Furniture Catsfield P. O & Stores Treanors Solicitors Masterplay Leisure B. G Plating Quality Support Complete Care Services CENTRAL SECURITY Balgay Fee d Blends Bruce G Carrie Bainbridge Methodist Church S L Decorators Gomers Hotel Sue Ellis A Castle Guest House Dales Fitness Centre St. Boniface R. C Primary School Luscious C hinese Take Away Eastern Aids Support Triangle Kristine Glass Kromberg & Schubert Le Club Tricolore A Plus International Express Parcels Miss Vanity Fair Rose Heyworth Club Po lkadotfrog NPA Advertising Cockburn High School The Mosaic Room Broomhill Friery Club Metropolitan Chislehurst Motor Mowers Askrigg V. C School D. C Hunt Engineers Rod Brown E ngineering Hazara Traders Excel Ginger Gardens The Little Oyster Cafe Radio Decoding Centre Conlon Painting & Decorating Connies Coffee Shop Planet Scuba Aps Exterior Cleaning Z Fish Interpretor Czech & Slovak System Minds Morgan & Harding Red Leaf Restaurant Newton & Harrop Build G & T Frozen Foods Council on Tribunals Million Dollar Design A & D Minicoaches M. B Security Alarms & Electrical Iben Fluid Engineering Polly Howell Banco Sabadell Aquarius Water Softeners East Coast Removals Rosica Colin S. G. D Engineering Services Brackley House Aubergine 262 St. Marys College Independent Day School Arrow Vending Services Natural World Products Michael Turner Electrical Himley Cricket Club Pizz a & Kebab Hut Thirsty Work Water Coolers Concord Electrical & Plumbing Drs Lafferty T G, MacPhee W & Mcalindan Erskine Roofing Rusch Manufacturing Highland & Borders Pet Suppl ies Kevin Richens Marlynn Construction High Definition Studio A.
    [Show full text]
  • AVAILABLE from Beyond the Walls. 50 Years of Adult And
    DOCUMENT RESUME ED 400 468 CE 072 874 AUTHOR Taylor, Richard, Ed. TITLE Beyond the Walls. 50 Years of Adult and Continuing Education at the University of Leeds, 1946-1996. Leeds Studies in Continuing Education. INSTITUTION Leeds Univ. (England). Dept. of Adult and Continuing Education. REPORT NO ISBN-0-900960-80-9; ISSN-0965-0342 PUB DATE 96 NOTE 339p.; Photographs may not reproduce well. AVAILABLE FROMStudy of Continuing Education Unit, School of Education, University of Leeds, Leeds LS2 9JT, England, United Kingdom. PUB TYPE Historical Materials (060) Collected Works General (020) EDRS PRICE MFO1 /PC14 Plus Postage. DESCRIPTORS Adult Education; *Adult Educators; *Continuing Education; Departments; Educational Attitudes; *Educational History; *Educational Practices; *Educational Trends; Extension Education; Foreign Countries; Higher Education; Outcomes of Education; Program Implementation; Teacher Education; Womens Education; Working Class IDENTIFIERS *University of Leeds (England) ABSTRACT This book contains 21 papers detailing the history of adult and continuing education at the University of Leeds (England) since its inception in 1946 as the Department of Extra-Mural Studies. The themes addressed include the appropriate nature of university continuing education and the issue of standards and quality assurance; the roles of continuing vocational education, community and industrial education, applied social studies, and liberal adult education; the study of continuing education itself and the research roles of a university department
    [Show full text]
  • Parents' Newsletter
    Parents’ Newsletter Excellence for All December 2016 Dear Parents and Carers We are coming to the end of another term together. Yet again, this term has seen a lot of positive progress for staff, students and the wider community, all of which contributes to the high aspirations we continue to have for Parkside School. Parents’ Evenings, Open Evenings, the Christmas Fair and the Primary School Harvest Festival have all been hosted here. We have once again undertaken numerous educational visits that have impacted signifi- cantly on both the academic and social education of our students and we have many more scheduled for the coming year. As always the school continues its fantastic charity work, raising significant sums of money for a wide variety of causes. Students continue to represent themselves and the school superbly and our links with Sky Sports, local Universities and colleges, feeder schools as well as clubs such as Keighley RUFC continue to grow and strengthen. The school continues its significant journey towards giving students the education they deserve and need, in order to achieve their aspirations and ambitions. As you are aware we were judged ‘GOOD’ by OFSTED in our inspection that took place in October, the report said; “Senior leaders have been successful in improving the quality of teaching and pupils’ progress since the last inspection” …”progress information for 2016 shows a marked improvement in pupils’ progress, including that of disadvantaged pupils, across a range of subjects” The report also highlighted the education provided for pupils with additional needs or disabilities as a particular strength of our school.
    [Show full text]