News

Consent for 346-Apartment Build-to-Rent Complex Triggers Regeneration of Prominent Merchant City Gap Site.

Construction of Candleriggs Square, the much heralded £300 million regeneration project lying at the heart of Glasgow's Merchant City, has taken a significant step forward following planning consent for its latest development phase.

Glasgow City Council has approved plans for a major 346-apartment Build-to-Rent (BTR) scheme by Legal & General, triggering the next phase for the 3.6-acre development delivered by Candleriggs Development 2 - a joint venture bringing together Drum Property Group and Stamford Property Investments.

Approval was previously granted for a 'Planning Application in Principle' for the entire site - including a detailed application for a new 500-room hotel complex owned and operated by innovative hotel brand, The Student Hotel Group.

Legal & General will forward fund Candleriggs Development 2 to deliver the £81.5 million apartment complex, designed to meet the growing post-lockdown demand for affordable and high-quality rental accommodation in vibrant city centre locations across Scotland and the UK.

As well as the 346 apartments, the 17-storey 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.

Drum and Stamford's joint venture first launched the ambitious £300m plan to transform Candleriggs Square when the site was bought in March 2019.