House of Fraser, which was recently purchased by Sports Direct owner Mike Ashley, has paid £95m for the freehold to its iconic Glasgow building.
The move has seen Ashley promise to turn the building, which he bought from Glasgow City Council, into the “Harrods of the north” with brands such as Hermes, Prada and Gucci already sold in its store.
The purchase of the 350,000 sq ft building, which was the first House of Fraser department store launched in 1849, secures 800 in-store jobs and means that Ashley has paid more for the freehold to the iconic building than the £90m he paid for the entire chain.
In a statement, Michael Murray head of elevation at House of Fraser said: “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. This is fantastic news for all parties.”
CBRE represented House of Fraser in the acquisition.