The Council is to start talks with Buchanan Galleries owners over plans to demolish the shopping centre and built a new neighbourhood in its place.

Last week the Glasgow Times revealed the shock plan to replace Buchanan Galleries after less than 25 years of it opening.

Councillors have approved a proposal for council officers to discuss with Landsec their proposals for  new streets, public squares and residential developments.

READ MORE:Plan to demolish Buchanan Galleries for massive Glasgow street transformation

The council said it will look at using Tax Incremental Finance (TIF) to support some of the major works needed to deliver the masterplan.

The ten-year plan involves demolishing the current shopping centre, capping over some, or all, of the north cutting of the railway line at Queen Street Station to create a platform for either a building or a public space.

Work on the ten year plan could start as early as next year. It is not known whether the  centre could be closed and demolished, or if work would be done on a phased basis until it is all replaced.

The work will also maintain a public space at the top of Buchanan Street, where the Royal Concert Hall steps are.

Glasgow Times:

The council stated: “Any development of this area will reflect the history of this space as a resting point, and an area for event activity, protesting and other public activities.”

The financing method TIF allows the council to borrow over a 25-year period to deliver enabling works, creating an environment that will leverage new private sector investment.

READ MORE: Could Buchanan Galleries plan save Glasgow city centre

The council then uses the additional business rates the development generates to pay back the TIF loan.

Susan Aitken, leader of Glasgow City Council, said:  “Approval for the commencement of negotiations with Landsec would allow us to push ahead with addressing oncoming challenges and opportunities in this rapidly changing world.

“A 21st century city centre delivering on Glasgow’s international standing and ambitions means more mixed-use developments, a greater residential population, more public spaces, sustainable transport options and more people-focused streets.

“The transformation of the Buchanan Galleries can be a vote of confidence on Glasgow’s future.”