Mac Mic (Mactaggart & Mickel) Group has completed the purchase of a £4.25 million rental property scheme at Love Loan, a new neighbourhood just off George Square in Glasgow’s city centre.
The development of 12 one to four-bedroom furnished apartments within the refurbished B-listed building will be offered for rent, with lettings handled by DJ Alexander.
The site was previously home to the HM Revenue & Customs tax office and the Register’s Office on Martha Street. The vacant buildings have since been redeveloped and form part of the Love Loan neighbourhood, which has been designed with Glasgow’s hospitality and social scene in mind.
As well as restoring the buildings, the Chris Stewart Group has created a new lane running parallel to George Street. In addition to housing, restaurants, bars and shops, Love Loan includes a 245-bed Marriott hotel, 168 MYLocanda serviced apartments, Flight Club and Soho House private members club.
The name derives from the history of the area. Back in the 1800s the original Love Loan was a narrow lane that ran diagonally from John Street to the top of north Frederick Street. The neighbourhood was home to a diverse group of residents including chairmakers, glue merchants, shopkeepers, coal dealers and cotton manufacturers. It also became the site of the Singer sewing machine company’s first manufacturing facility outside the USA, when in 1867 it took premises in John Street.
Andrew Mickel, Mac Mic Group director, said, “We are excited to see this ambitious and transformative new development come to fruition at Love Loan. This prestigious new neighbourhood will create a buzz and energy, revitalising this area of the city centre.
“The restoration of many original design features and the reimagining of the spaces within 280 George Street by Hoskins Architects has resulted in 12 exceptional apartments bringing a new level of luxury modern living to Glasgow.”
Following the sale of the company’s housebuilding division in June 2022 to Springfield Properties, Mac Mic Group has focused on its future investment strategy, enhancing its private rented sector portfolio, expanding strategic land ambitions and pursuing joint venture opportunities across the UK.
