A ‘significant’ step forward has been taken in the £300 million regeneration of a site in Glasgow’s Merchant City as preparatory works get underway.
The Drum Property Group project will see the build of The Student Hotel’s (TSH) first ever complex in the UK.
TSH is a pan-European investor, developer, owner and operator of a ‘hybrid’ hospitality model offering a mix of functions – including hotel accommodation, co-living and co-working spaces.
Glasgow City Council initially approved plans for the 500-bedroom hotel in May 2020, with construction expected to commence in July this year. The complex will owned and operated by TSH, making it the 14th such facility the firm has in Europe – with a further 11 under development. The company states that its mission is to create ‘boundary-blurring spaces where students, travellers, mobile professionals, creative nomads and enterprising minds can connect and thrive in smart design co-living and co-working spaces’.
Charlie McGregor, founder and CEO of The Student Hotel, commented, “We are delighted to progress on site with TSH Glasgow, which will be a force for urban regeneration in the Candleriggs quarter. Our pioneering hybrid hospitality model will allow us to configure our new location and adapt it to the rapidly evolving realities of the market. TSH’s model has already proved its resilience in the Covid-19 environment, and we now have the operational expertise to keep our buildings safe, with our well designed extensive common areas ideally suited to the demands of different types of visitors. The start on site at TSH Glasgow continues our pan-European expansion into the UK where we are looking at further opportunities arising in a post-Covid-19 marketplace.”
Graeme Bone, managing director of Drum Property Group, added, “Candleriggs Square is set to become a much-needed catalyst, kick-starting an exciting future for the city centre as it starts to recover following lockdown. The TSH development is testament to the commitment and confidence we have placed in both the Candleriggs Square site and Glasgow city centre during these most testing of times. It represents a significant step forward in the long-awaited regeneration of one 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 sites.
“This will be a huge boost to the area and to local businesses, who are in desperate need of some good news right now. We can look forward to bringing back to life a very special area which has always been at the centre of Glasgow’s commercial and social development.”