Deal Marks “Next Significant Step” in £300 Million City Centre Regeneration Project.
Drum Property Group has agreed a deal with Legal & General to deliver a major 346-apartment Build-to-Rent (BTR) scheme at Candleriggs Square, Glasgow.
The deal marks the next significant step of the much-anticipated regeneration of the 3.6-acre Candleriggs Square site lying at the heart of the Merchant City area. Planning approval was granted by Glasgow City Council in May 2020 - including a detailed application for a new 500-room hotel complex owned and operated by the pioneering hotel brand, the Student Hotel Group.
Legal & General will forward fund Drum to deliver the apartment complex, designed to meet the growing demand for affordable and high-quality rental accommodation across Scotland and the UK. As well as the 346 apartments, the 325,000 sq. ft. building will include a range of retail and commercial units at ground floor level creating a vibrant and attractive 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 ambitious £300m plan to transform Candleriggs Square has been developed by a joint venture company bringing together Drum Property Group and Stamford Property Investments, which 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.
Glasgow City Council has granted a ‘Planning Application in Principle’ for the entire site, as well as a detailed application for the first development phase including the 500-room hotel and leisure complex operated by the TSH Group, which will become Scotland’s largest hotel. Construction of the hotel will begin in early 2021.