NETWORK RAIL ANNOUNCES GLASGOW QUEEN STREET DEVELOPMENT PARTNER: Glasgow Queen Street proposed new entrance

Wednesday 28 Sep 2011

NETWORK RAIL ANNOUNCES GLASGOW QUEEN STREET DEVELOPMENT PARTNER

Region & Route:
National

Glasgow Queen Street station is to be transformed for passengers following the selection by Network Rail of the Buchanan Partnership as its development partner for station.

The multi-million-pound redevelopment project will improve the appearance and facilities of the station to create a landmark mixed-use development in both the current station footprint and the airspace above the station car park.

Designed to complement a wider expansion of the Buchanan Galleries shopping complex, the station concourse will be extended and redesigned to improve passenger circulation and enhance ticketing, waiting area and retail facilities.

The current 1960s front entrance will give way to a modern glass frontage. The Dundas Street and North Hanover Street entrances will be redesigned and benefit from significant streetscape improvements. New entrances from Cathedral Street and the Buchanan Galleries shopping centre will be created.

Inside, passengers will benefit from an extended concourse, access to a new mezzanine level foodcourt, and an atrium link into the extended Buchanan Galleries shopping centre.

The mezzanine and foodcourt will be created in the air space above the current station car park, while that car park will be replaced with a better designed, modern transport interchange and multi-storey parking facility.

The Buchanan Partnership’s proposals for the station were selected after an extensive competitive tendering process.

David Biggs Network Rail’s director of property said: “Glasgow Queen Street is one of the busiest stations in Scotland handling more than 19m passengers a year and the proposals announced today will deliver a more modern station with enhanced retail and leisure facilities for those travellers.

"The Buchanan Partnership’s exciting plans for the station will also greatly enhance the appeal of the wider city centre to rail passengers and shoppers alike and this partnership allows Network Rail to redevelop this important station in a cost-effective way and generate additional revenue which we can reinvest in the nation’s railways.”

Lester Hampson, head of retail, Land Securities, said: “The Buchanan Partnership is delighted to have been selected as development partner.

“The redevelopment of Glasgow Queen Street Station will create a world-class integrated transport hub and is an important element in progressing our aspiration to enhance and expand the Buchanan Quarter, cementing Glasgow’s position as the top retail and leisure destination outside London.”

Work on the project is expected start in 2013 with completion in 2015. Passengers will notice some improvements at the station entrances before the 2014 Commonwealth Games.

The redevelopment will also provide significant benefits for the Edinburgh-Glasgow Improvements Programme, by enhancing one of the main stations on that route, while also making provision for potential capacity expansion at the station.

Notes to editors

Network Rail

The company is one of the largest land and property owners in the country and will generate over £1bn in the next five years from commercial activities for re-investment in our rail estate.

Network Rail is also the country's largest provider of commercial property to small and medium sized businesses with over 7,000 properties GB-wide.

The Buchanan Partnership

The Buchanan Partnership is a 50:50 joint venture between Land Securities and Henderson Global Investors.

Land Securities is the UK’s largest commercial property company and a member of the FTSE 100. The company owns and manages more than 29m sq ft of property, from shopping centres to offices. For more information see www.landsecurities.com

Henderson is a leading property asset manager with around £12.4bn (as at 30 June 2011) of property funds under management across Europe, Asia and the US. The property team comprises over 180 staff based in offices across Europe, Asia and the US. The company has offices in London, Frankfurt, Milan, Paris, Amsterdam, Vienna, Luxembourg, Madrid and Singapore and Chicago. It also has additional asset management capabilities through a joint venture in Hamburg.

The property business manages pooled and segregated accounts which invest in properties offering core and value-added returns. In addition to investing across all commercial sectors, the property business also manages funds with sector specialist and/or regional themes. Henderson’s property business includes a market-leading research capability. Twice yearly the in-house research team carries out analysis and forecasts for over 800 local markets across Europe.

Both Land Securities and Henderson have significant existing investment in Scotland. Whilst both companies have a 50% interest in Buchanan Galleries, Henderson own and manage the St James Centre in Edinburgh and are progressing plans for redevelopment. Land Securities owns four shopping centres namely The Centre Livingston, Overgate Dundee and through it’s partnership with British Land, the Bon Accord and St Nicholas Centres in Aberdeen.

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