The £300 million transformation of Candleriggs Square in Glasgow’s Merchant City has reached another significant development milestone with the completion of structural work for a 346-apartment build-to-rent (BTR) complex, forward funded by Legal & General.
Candleriggs Development 2 Limited – the joint venture between Drum Property Group and Stamford Property Investments – first agreed a deal with Legal & General Investment Management Real Assetsin 2020 to bring the £81.5 million apartment complex to the 3.6-acre Candleriggs Square site, lying at the heart of the city’s popular Merchant City area.
Designed to meet the growing post-lockdown demand for affordable and high-quality city centre rental accommodation in vibrant city centre locations, the 325,000 sq. ft building will provide 346 apartments together with a range of retail and commercial units at ground floor level creating an attractive and accessible public realm. A generous 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 will provide spectacular views across the city.
The ‘Topping Out’ of the building marks a new high point of the much-anticipated regeneration of the Candleriggs Square site. Also currently under construction is the 500-room hotel and leisure complex owned and operated by the pioneering hotel brand The Social Hub – formerly known as The Student Hotel Group – which is due for completion later this year. Senior representatives from Drum, Legal & General and building contractor Graham Construction gathered to mark the occasion with a traditional Topping Out ceremony, each recording their signatures on the last concrete pour on the highest part of the building.
Graeme Bone, Managing Director of Drum Property Group, welcomed the building’s structural completion as marking an exciting future for the city centre. “Our significant progress at Candleriggs Square is fast becoming a highly visible symbol of the regeneration of Glasgow’s Merchant City and the city centre as it continues its post-lockdown recovery,” he said. “The L&G development is testament to the commitment and confidence we have placed in both the Candleriggs Square site and Glasgow city centre during very challenging times for our industry. 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 and we can now look forward to bringing back to life a very special area which has always been at the centre of Glasgow’s commercial and social development.”
Dan Batterton, Head of Residential at Legal & General Investment Management Real Assets, added: “We are proud to be working again with Drum following our successful partnership on the Solasta Riverside scheme at Buchanan Wharf. Through our development at Candleriggs Square, we are providing renters with an opportunity to move into a well-designed, flexible living space at the heart of the city, as well as supporting the local council’s target of 2,500 new homes per year over the next decade.”
Drum and Stamford’s joint venture launched the ambitious £300m plan to transform Candleriggs Square when they first bought the site in March 2019. Plans include a high-quality 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 L&G residential complex will sit at the heart of Merchant City, one of Glasgow’s most desirable neighbourhoods and will help meet tenant demand for city centre housing which is located next to large employers. The development aims to create the best possible experience for renters, providing high-speed digital connectivity, dedicated workspace and exercise facilities – all of which are essential in a post-covid world. For more information on Candleriggs Square, visit: www.candleriggs-square.com
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