Work has now started on site to transform the 3.6 acre site - bound by Hutcheson Street, Trongate, Candleriggs and Wilson Street - into a vibrant mixed-use community bringing together new homes, offices, hotels and local amenities.
The site has lain derelict and inaccessible for more than a decade. We now have the once-in-a-generation opportunity to transform this empty space into the beating heart of a revived Merchant City and Glasgow city centre.
Joint developers Drum Property Group and Stamford Property Investments are now moving forward with this exciting vision. Construction of the first phase, the 500-room The Student Hotel, is now underway. Watch this space!
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 Assets in 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.
“The development will return Candleriggs Square to what it always was – a bustling market-place full of life, vitality and interest and intrinsically linked to the rest of the city centre, bringing with it a significant and timely boost for both the local and national economy.”
“Candleriggs Square offers an unprecedented regeneration opportunity for both the Merchant City and Glasgow city centre. We are committed to working in partnership with local people, groups and organisations throughout all stages of the development.”
“I am thrilled that the first The Student Hotel in the UK will be in Scotland and that our brand is finally coming home. Candleriggs Square, in the very heart of Glasgow’s historic Merchant City, provides us with the perfect location.”
“Glasgow needs a city centre that is an attractive place to live, work, study, visit and invest – and the regeneration of Candleriggs Square will play an important role in delivering on all of those aims.”