Buchanan Street rents highest outside London

Buchanan Street in Glasgow is able to command annual rents of 1,887 per square metre. Picture: Craig Stephen

Buchanan Street in Glasgow is able to command annual rents of 1,887 per square metre. Picture: Craig Stephen

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Glasgow’s Buchanan Street has been named as the UK’s most expensive retail destination outside London.

Analysis by property adviser Cushman & Wakefield shows that the street is able to command annual rents of £1,887 per square metre, compared with £1,406 for Princes Street in Edinburgh.

However, rentals for the retail hotspot pale in comparison with London’s New Bond Street, which commands £8,073.

Ross Wilkie, an associate at Cushman & Wakefield’s retail services team, said: “Buchanan Street continues to have an enduring appeal to retailers and customers alike, benefiting from high levels of footfall and strong demand from operators looking to open Scottish flagship stores.

“Recent activity on the street includes new lettings to Ted Baker, Lush, Kiehl’s and Hard Rock Cafe. The future for the street will only be strengthened further with the proposed extension to Buchanan Galleries in the coming years.”

New York’s Upper Fifth Avenue overtook Causeway Bay in Hong Kong as the world’s priciest shopping destination, at £23,237.

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