THE Frasers department store building is being sold by Glasgow City Council to Sports Direct in a £95million deal.
The store, which employs 800 people, will continue to trade as Frasers.
Sports Direct say they want it to become the ‘Harrods of the North’. The sale is expected to be completed by early 2020.
Sports Direct bought the House of Fraser department store chain out of administration earlier this year, however the Frasers building, in Buchanan Street at Argyle Street, was rented by them from the city council.
Michael Murray, head of elevation for the new owners, 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.”
Susan Aitken, leader of Glasgow City Council, said: “Glasgow is the country’s number one retail centre after London — and 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 Frasers staff, who are absolutely integral to the business’s success and its enduring popularity with city shoppers.”