'Significant step forward'
£81.5m plan for homes on Candleriggs gap site
Candleriggs will undergo a transformation
Plans to redevelop a long-derelict gap site in Glasgow city centre have taken another step forward following an £81.5m deal for build-to-rent homes.
Candleriggs Development 2, the joint venture between Drum Property Group and Stamford Property Investments, has reached agreement with Legal & General to deliver 346 homes at Candleriggs Square.
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.
Approval was granted for a ‘Planning Application in Principle’ for the entire site 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 Candleriggs Development 2 to deliver the apartment complex, designed to meet the growing demand for affordable and high-quality rental accommodation across Scotland and the UK.
The joint venture company has now submitted a detailed planning application to Glasgow City Council to develop the residential complex.
As well as the 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.
Empty space: the site has been derelict for many years (pic: Terry Murden)
Drum and Stamford’s joint venture first launched the ambitious £300m plan to transform Candleriggs Square when the site was bought in March 2019.
Plans included 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 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, when complete, will become Scotland’s largest hotel. Construction of the hotel will begin in early 2021.