Drum Property Group has secured £81.5m in funding from Legal & General, a financial services company, to deliver a 346-unit build-to-rent (BTR) scheme at Candleriggs Square in Glasgow, Scotland.
Candleriggs Development 2, a joint venture between Drum Property and Stamford Property Investments, will deliver the housing project.
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The JV has submitted a detailed planning application to Glasgow City Council to develop the residential project.
The 17-storey, 325,000ft2 building will feature a range of retail and commercial units at ground floor level.
It will also include an entrance lobby that will open onto Glasgow’s Trongate and will have direct access to a communal landscaped courtyard at the first-floor level and will also comprise a range of roof terraces.
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The project forms part of a £300m plan to transform a 3.6-acre Candleriggs Square site located in the Merchant City area.
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By GlobalDataThe regeneration plan includes a mixed-use scheme of homes, offices, hotels, restaurants and local amenities, together with landscaped open spaces and accessible walkways with a new public square.
The Glasgow City Council has approved a ‘Planning Application in Principle’ for the overall site in May this year.
The approval also includes a detailed application for a new 500-room hotel complex, which is owned and operated by the Student Hotel Group.
Drum Property Group managing director Graeme Bone said: “The L&G deal is testament to the unwavering 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.”
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Funding deal signed to deliver 346-unit build-to-rent (BTR) scheme in Scotland. (Credit: Drum Property Group)
