Drum Property Group has exchanged contracts with Legal & General on a Build To Rent (BTR) scheme at Buchanan Wharf as Legal & General seek to meet the increasing demand for affordable, quality rental accommodation across the UK.
Legal & General will forward fund Drum Property Group to deliver 324 apartments within Glasgow’s new waterside regeneration area, which will also house the new Northern European hub of Barclays Bank.
Consisting of two 18 storey towers, current design iterations include dining space, a gym, a residents’ lounge and a games room. The development at Buchanan Wharf, which overlooks the River Clyde, will also offer a 4,250 sq ft communal roof terrace and is walking distance from Glasgow Central Station and the International Financial Services District, linked by the Tradeston Bridge.
Graeme Bone, Group Managing Director of Drum Property Group said:
“This is another important step in the swift evolution of Buchanan Wharf, which is now establishing itself as one of Scotland’s largest and most important commercial and residential development sites. With prime office space plus an exciting mix of homes, local amenities and open public spaces, Buchanan Wharf will be a stimulating and attractive environment in which to work, live and to visit. It is now transforming not just this neglected part of the waterfront but the entire city centre of Glasgow, once again placing the River Clyde at the heart of the city’s economic and cultural regeneration.”
Dan Batterton, Head of Build To Rent at LGIM Real Assets, said:
“With Glasgow predicted to continue to see notable population growth, this latest acquisition is another great example of Legal & General investing in an area with significant urban regeneration potential and providing large scale sustainable rental schemes which will have a positive long term socioeconomic impact, delivering much needed homes."