Construction has begun on Legal & General’s residential complex at Candleriggs Square – a £300m regeneration scheme in Glasgow’s historic Merchant City district developed by Candleriggs Development 2 Ltd, a joint venture between Drum and Stamford Property Investments.
Candleriggs Square combines residential accommodation, offices, hotels, restaurants and local amenities, together with landscaping, walkways and a new public square.
The residential build comprises the design and construction of a 17-storey structure that will accommodate 346 Build To Rent (BTR) units, incorporating a mixture of studio, one-, two- and three-bedroom properties, including six duplex penthouse apartments.
The building will house a communal dining space, gym, business lounge and games room, and will also feature associated public amenities, retail units and car parking areas.
Legal & General has forward-funded 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.
Bound by Hutcheson Street, Trongate, Candleriggs and Wilson Street, the site had lain derelict and inaccessible for more than a decade. The residential project is scheduled for completion in summer 2024.
Graeme Bone, managing director of Drum, said:
“The start on site of the L&G building represents another significant step forward in the long-awaited regeneration of one of 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 projects.
Combined with the Student Hotel already on site for delivery in 2023, these builds will be a huge boost to the area and to local businesses. We look forward to delivering this unprecedented regeneration opportunity for both the Merchant City and Glasgow city centre.”