The company has agreed to acquire for £95mln the heritable interest in 21/31 Buchanan Street, 8 & 24/28 Mitchell Street, 140/142 Argyle Street, 148/152 Argyle Street, 35/53 Buchanan Street and 34/50 Mitchell Street, Glasgow from Glasgow City Council as administering authority for The Strathclyde Pension Fund.
READ: Batch of House of Fraser stores look set to close this week, with Sports Direct boss Mike Ashley blaming “greedy landlords”
Sports Direct intends to continue to operate the property as Frasers, thereby reportedly saving 800 jobs, and said it would invest in the property “to further elevate and enhance this iconic department store”.
“We are overwhelmed and proud to own such an iconic destination. Acquiring the freehold enables us to elevate and invest in the store in order to partner with a broad range of luxury brands in future,” said Michael Murray, who is head of something called “elevation” - quite possibly he is a lift operator – at Sports Direct.
Susan Aitken, the leader of Glasgow City Council, claimed that Glasgow is the UK’s number one retail centre after London and that 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,” she said.
Completion is to take place in January 2020.