17-storey flats to form heart of £300m Glasgow regeneration project
Hundreds of high-rise flats for private rental are to built in Glasgow city centre, marking the “next significant step” in a key £300 million regeneration project.
A joint venture between Drum Property Group and Stamford Property Investments has agreed an £81.5m deal with Legal & General to deliver a 346-apartment “build-to-rent” scheme at Candleriggs Square.
The deal marks a major step forward for the regeneration of the 3.6-acre Candleriggs Square site lying at the heart of the Merchant City area.
Approval was granted for a planning application in principle for the entire site by Glasgow City Council in May, including a detailed application for a 500-room hotel complex owned and operated by the Student Hotel Group.
Legal & General will forward fund the joint venture – Candleriggs Development 2 – to deliver the flats, which are designed to meet the “growing demand for affordable and high-quality rental accommodation across Scotland and the UK”. The joint venture has now submitted a detailed planning application to the council to develop the residential complex.
As well as the 346 apartments, the 17-storey building, extending to some 325,000 square feet, is set to include a range of retail and commercial units at ground floor level “creating a vibrant and attractive public realm”. A large entrance lobby will open onto Glasgow’s Trongate, giving direct access to a communal landscaped courtyard at the first-floor level, while a range of roof terraces promise “spectacular views across the city”.
Drum and Stamford’s joint venture launched the ambitious £300m plan to transform Candleriggs Square when the site was bought in March 2019.
Plans included a mixed-use scheme combining homes, offices, hotels, restaurants and local amenities, together with landscaped open spaces and accessible walkways with a new public square at its heart.
The local council has granted planning application in principle for the entire site, as well as a detailed application for the first development phase including the hotel and leisure complex, which, when complete, will become Scotland’s largest hotel. Construction of the hotel is slated to begin in early 2021.
Graeme Bone, managing director of Drum Property Group, said the L&G deal was a much-needed catalyst for the regeneration of the city centre as it starts to recover following months of lockdown.
“The L&G deal is testament to the unwavering commitment and confidence we have placed in both the Candleriggs Square site and Glasgow city centre during these most testing of times,” he said.
“It represents a significant step forward in the long-awaited regeneration of one Glasgow’s most prominent gap sites, driving forward the evolution of Candleriggs Square which has quickly established itself as one of Scotland’s largest and most important commercial and residential development sites.
“This will be a huge boost to the area and to local businesses, who are in desperate need of some good news right now. We can now look forward to a once-in-a-generation opportunity to transform a very special area which has always been at the centre of Glasgow’s commercial and social development.”
Candleriggs Square is bound by Wilson Street, Hutcheson Street, Candleriggs and Trongate.
A message from the Editor:
Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.
The dramatic events of 2020 are having a major impact on many of our advertisers - and consequently the revenue we receive. We are now more reliant than ever on you taking out a digital subscription to support our journalism.
Subscribe to scotsman.com and enjoy unlimited access to Scottish news and information online and on our app. Visit https://www.u2swisshome.com/subscriptions now to sign up.
By supporting us, we are able to support you in providing trusted, fact-checked content for this website.
Want to join the conversation? Please or to comment on this article.