THE £300 million transformation of Candleriggs Square in Glasgow’s Merchant City has marked another milestone with the completion of structural work for a 346-apartment build-to-rent (BTR) complex, forward funded by Legal & General.
Candleriggs Development 2 Limited – the joint venture between Drum Property Group and Stamford Property Investments – first agreed a deal with Legal & General Investment Management Real Assets in 2020 to bring the £81.5 million apartment complex to the site.
Designed to meet demand for ‘affordable and high-quality’ city centre rental accommodation, the 325,000 sq. ft building will provide 346 apartments together with a range of retail and commercial units at ground floor level. An entrance lobby will open onto Glasgow’s Trongate, giving direct access to a communal landscaped courtyard at the first-floor level, while roof terraces will provide views across the city.
The ‘topping out’ of the building marks a new high point of the regeneration of the Candleriggs Square site. Also currently under construction is the 500-room hotel and leisure complex owned and operated by hotel brand The Social Hub – formerly known as The Student Hotel Group – which is due for completion later this year.
Senior representatives from Drum, Legal & General and contractor Graham Construction gathered to mark the occasion with a traditional topping out ceremony, each recording their signatures on the last concrete pour on the highest part of the building.
Graeme Bone, MD of Drum Property Group, said, “Our significant progress at Candleriggs Square is fast becoming a highly visible symbol of the regeneration of Glasgow’s Merchant City and the city centre as it continues its post-lockdown recovery. The L&G development is testament to the commitment and confidence we have placed in both the Candleriggs Square site and Glasgow city centre during very challenging times for our industry.”
Dan Batterton, head of residential at Legal & General Investment Management Real Assets, added, “We are proud to be working again with Drum following our successful partnership on the Solasta Riverside scheme at Buchanan Wharf. Through our development at Candleriggs Square, we are providing renters with an opportunity to move into a well-designed, flexible living space at the heart of the city, as well as supporting the local council’s target of 2,500 new homes per year over the next decade.”
