Land Securites has placed its £390m development plans for Glasgow’s Buchanan Galleries shopping centre on hold
Land Securities has said it is not “currently pursuing” its £390m expansion plans for the Buchanan Galleries shopping centre in Glasgow.
The firm said this was “due to an increased level of risk generated by the simultaneous delivery of the Edinburgh Glasgow improvement programme (EGIP).”
The £742m EGIP programme by Network Rail includes the electrification of the Scottish rail network and upgrades of key junctions and infrastructure, including Queen Street Station, which is near to the galleries.
The developer added that it would “continue to work” on its plans to extend the Buchanan Galleries as Network Rail delivers EGIP over the next 18 months.
Lendlease was lined up to build the scheme for Land Securities and Henderson Global Investors after seeing off competition from Brookfield Multiplex and Laing O’Rourke for the £230m contract.
The controversial plans for the extension of the shopping centre were approved by Glasgow City Council earlier this year despite 300 objection letters and a petition raising 14,000 signatures.