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Mon January 18 2021

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£390m Glasgow regeneration scheme approved

26 Oct 12 Glasgow City Council’s £80m tax incremental financing (TIF) scheme for the Buchanan Quarter has been given final approval by the Scottish Government.

The scheme is expected to lever in £310m in private investment and create almost 1,500 jobs in regenerating Glasgow city centre. 

Under TIF projects, councils fund infrastructure by borrowing against future business rate income that should be generated by the resulting regeneration and development.

Plans include improvements to George Square and Upper Dundas Street that will be completed before the Glasgow 2014 Commonwealth Games begin. The Glasgow Royal Concert Hall and Buchanan Street will also be upgraded, Cathedral Street Bridge strengthened and access to Queen Street station improved.

Bailie Liz Cameron, executive member for jobs and the economy at Glasgow City Council, said: “The Buchanan Quarter project will continue the regeneration of Glasgow and help the city centre retain its position as the biggest shopping destination in the UK outside of London. The delivery of the project will bring a massive economic and jobs boost and make our city centre even more attractive to shoppers and visitors. Buchanan Quarter is a huge vote of confidence for Glasgow, underlining the faith investors are showing in the city. Another example of this confidence is the fact that all of the retail units in the new 185-221 Buchanan Street development are pre-let, ahead of its opening next year.”

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