House of Fraser has vowed to create the ‘Harrods of the North’ after announcing a £95 million deal to acquire the freehold of the iconic Frasers building in Glasgow.
The listed building extends to circa 350,000 sq ft arranged over multiple floors with a strong luxury brand presence including Hermes, Christian Louboutin, Prada and Gucci.
Kevin Sims of CBRE, who represented House of Fraser during the acquisition, said: “This is a fantastic deal for Glasgow and Scotland. It is an iconic store and much of the success of Buchanan Street over the last 20 years has been built around having Frasers as an important anchor tenant for the street. This fully cements House of Fraser’s intent to create a luxury department store business.”
Susan Aitken, leader of Glasgow City Council, added: “Glasgow is the country’s number one retail centre after London – and the House of Fraser store on Buchanan Street is a city institution, much loved by generations of Glaswegians. A major investment on this kind of scale is a clear vote of confidence in Glasgow; and credit must also go to hundreds of Fraser’s staff, who are absolutely integral to the business’ success and its enduring popularity with city shoppers.
“With the future of this iconic retailer’s Glasgow presence secured, we look forward to the new owners building on its cherished relationship with shoppers and reputation as a valued city employer for almost 170 years.”