£81.5m deal signed to bring 346 Build-to-Rent apartments to Glasgow’s Candleriggs Square

Candleriggs Development 2 Limited, the joint venture between Drum Property Group and Stamford Property Investments, has agreed an £81.5 million deal with Legal & General to deliver a major 346-apartment Build-to-Rent (BTR) scheme at Candleriggs Square in Glasgow. The deal marks the next significant step of the regeneration of the 3.6-acre Candleriggs Square site lying at the heart of the Merchant City area. Approval was granted for a ‘Planning Application in Principle’ for the entire site by Glasgow City Council in May 2020 – including a detailed application for a new 500-room hotel complex owned and operated by the pioneering hotel brand, the Student Hotel Group. Legal & General will forward fund Candleriggs Development 2 to deliver the apartment complex, designed to meet the growing demand for affordable and high-quality rental accommodation across Scotland and the UK. The joint venture company has now submitted a detailed planning application to Glasgow City Council to develop the residential complex.As well as the 346 apartments, the 17-storey 325,000 sq. ft. building will include a range of retail and commercial units at ground floor level creating a vibrant and attractive public realm. A generous entrance lobby will open onto Glasgow’s Trongate, giving direct access to a communal landscaped courtyard at the first-floor level, while a range of roof terraces will provide spectacular views across the city.Drum and Stamford’s joint venture first launched the £300m plan to transform Candleriggs Square when the site was bought in March 2019. Plans included a high-quality mixed-use scheme combining homes, offices, hotels, restaurants and local amenities, together with landscaped open spaces and accessible walkways with a new public square at its heart.Glasgow City Council has granted Planning Application in Principle for the entire site, as well as a detailed application for the first development phase including the 500-room hotel and leisure complex operated by the TSH Group, which, when complete, will become Scotland’s largest hotel. Construction of the hotel will begin in early 2021. Graeme Bone, managing director of Drum Property Group, welcomed the L&G deal as a much-needed catalyst, heralding an exciting future for the city centre as it starts to recover following months of lockdown.