The support by the authority's Planning Applications Committee could see work start on site by summer 2015.
The project will include the creation of a mixed-use development, consisting of an extension to the Buchanan Galleries Shopping Centre, while a new entrance atrium to Glasgow Royal Concert Hall and Buchanan Galleries on Buchanan Street would also be delivered. In addition, the existing car park would be demolished, with a replacement being built on a site at Queen Street Station East.
Overall, the project will see a 392,000 sq ft extension of the Buchanan Galleries, with a new 1,500-space car park at Queen Street Station. Some 35,000 sq ft of associated retail units would also be delivered, in addition to 50,000 sq ft of new retail development at the southern end of the existing Buchanan Galleries site.
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The local authority has said the Buchanan Quarter TIF scheme and Buchanan Galleries expansion is expected to attract £310m of private sector investment and deliver around 1,500 jobs, as well as bring £36m of extra economic activity to Glasgow each year.
TIF (Tax Increment Finance) is an initiative used to forward fund the public infrastructure necessary to support new commercial development. The Buchanan Quarter TIF scheme is said to be worth £80m.
Councillor Gordon Matheson, Leader of Glasgow City Council, welcomed the news. He said: "This planning consent will unlock over £300million of private sector investment for Glasgow. Alongside our TIF scheme, the expansion of Buchanan Galleries will improve the city centre's public realm and infrastructure, and generate 1,500 jobs.
"We are justifiably proud in Glasgow city centre being the UK's second biggest retail destination, but to ensure we remain in such a position new ways of attracting visitors and investors must be found. The expansion of the Galleries will help us to do so."
(JP/CD)
