Dan Batterton, Head of BTR at LGIM Real Assets, added:
“Glasgow faces a significant undersupply of high-quality rental accommodation and, within the coming decade, will see its population increase as it continues to establish itself as one of the UK’s best cities to live and work. The site is located in a prime location and, alongside Legal & General’s Buchanan Wharf scheme, is the city’s only high-density build to rent product.
Through our BTR Fund we want to create the best possible experience for renters, providing high-speed digital connectivity, dedicated workspace and exercise facilities, all of which are essential in a post-covid world.”
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.