Zara takes former Debenhams unit at Glasgow’s Silverburn

Zara is set to upsize to a new unit at Silverburn in Glasgow, taking residence in the former Debenhams department store.

Spanning 47,000 sq ft over two floors, the new store – which has been taken on a 15-year lease – will be one of Zara’s largest in Scotland.

The new store will feature Zara’s latest store concept and integrate online services into its offer.

The upsize follows other recent announcements at Silverburn, including the addition of retailers such as The White Company, TAG Heuer, All Saints, Polestar, and Rituals. Other new food and beverage and leisure additions at the centre include King Pins, Bread Meets Bread and The Real Greek.

Silverburn is owned by a joint venture between international private equity real estate firm Henderson Park, and Eurofund Group, a pan-European real estate investment and development company.

Christophe Kuhbier, head of investments, Europe at Henderson Park, said: “Zara’s new and enhanced store at Silverburn is a clear illustration of where we see the future of physical retail – a striking, experiential flagship that complements a successful brand’s omnichannel offering.  This letting represents a key milestone in the execution of our intended business plan as, in addition to significantly strengthening the asset’s retail offering by leasing up what was the largest vacant unit, it also provides further evidence of the conviction we have held in the shopping centre’s potential from the outset.  

“We are in advanced discussions with other premium brands for the remaining vacant space with occupancy expected to hit 92% by year end, compared with 78% on acquisition, underpinning our goal to create stabilised income streams and cement Silverburn’s status as Glasgow’s premier retail and leisure destination.” 

Alberto Esguevillas, CEO of UK retail at Eurofund Group, added: “The former Debenhams unit occupies a prominent central position at the scheme. We decided the best option was to deliver three new high quality anchor units that will appeal to leading international brands and diversify the offer for Silverburn’s customer. We are delighted to have secured a new flagship Zara for the space, which will be one of their largest stores in Scotland and are thrilled to see our strategy paying off. 

“Since acquisition we have undertaken a proactive strategy to attract some of the world’s leading brands. Across its wider portfolio, Eurofund Group is deploying its capital, expertise and experience to elevate and reposition the leading destinations it invests in – and Silverburn is a great example of this.

“With such strong, diverse leasing activity taking place, Silverburn’s reputation as the leading retail, F&B and leisure destination in Scotland is becoming firmly cemented. We look forward to making more exciting announcements soon.”

Time Retail Partners and Culverwell acted on behalf of the joint venture partnership. Zara represented itself.