Drum Property Group and Stamford Property Investment’s 346-apartment Candleriggs Square Build to Rent development in Glasgow has topped out, marking a new high point of the much-anticipated regeneration of the Candleriggs Square site.
The completion of structural work at the Candleriggs Square scheme marks another milestone in Glasgow’s £300m Merchant City regeneration, forward funded by Legal & General.
To celebrate the topping out of the Build to Rent development, senior representatives from Drum, Legal & General and building contractor Graham Construction marked the occasion with a topping out ceremony.
The Candleriggs Development 2 Limited joint venture between Drum Property Group and Stamford Property Investments comes as part of an established deal with Legal & General Investment Management Real Assets in 2020 to bring the £81.5m apartment complex to the 3.6-acre Candleriggs Square site; in the heart of the city’s popular Merchant City area.
“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. 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 and we can now 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.”Graeme Bone, Managing Director, Drum Property Group
The 325,000 sq ft building will provide a range of retail and commercial units at ground floor level for residential and public accessibility.
An entrance lobby will open onto Glasgow’s Trongate, providing access to a communal landscaped courtyard at the first-floor level, while a range of roof terraces will provide scenic views across the city.
“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.”Dan Batterton, Head of Residential, Legal & General Investment Management Real Assets
Drum and Stamford’s joint venture launched the ambitious £300m plan to transform Candleriggs Square when they first bought the site in March 2019.
Plans include 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.