Lend Lease is understood to be in pole position to bag a £230m contract to revamp Land Securities’ Buchanan Galleries shopping centre in Glasgow.
But a source close to the project has told Construction News that Lend Lease is now favourite for the major retail scheme.
Land Securities now owns 100 per cent of the Buchanan scheme, after completing a land swap with Henderson Real Estate in October.
Henderson Real Estate exchanged its 50 per cent stake in the Glasgow scheme for Land Securities’ share in the Princesshay shopping centre in Exeter, which saw Henderson entering a new partnership with The Crown Estate.
Once built, the centre will include 100 shops, 25 restaurants and a multi-screen cinema.
It will involve building an extension above the existing multi-storey car park to house the cinema, extending the west wing of the centre to create retail space and building a multi-storey car park.
Lend Lease declined to comment.