Candleriggs Square Build to Rent scheme completes

The Merchant City regeneration site continues to take shape as GRAHAM completes the Candleriggs Square Build to Rent scheme.

The Candleriggs Square Build to Rent scheme. GRAHAM has practically completed the scheme | BTR News
The Candleriggs Square Build to Rent scheme. GRAHAM has practically completed the scheme.

Following topping out in June 2023, main contractor GRAHAM Construction has practically completed the Candleriggs Square Build to Rent scheme in Glasgow’s Merchant City today. It is the second major completion at the site, marked by drone footage showing how the finished homes form a spectacular cornerstone of the regeneration.

Developed by a joint venture between Drum Property Group and Stamford Investments, and forward funded by Legal & General (L&G), the 325,000 sq ft, £81.5m Candleriggs Square scheme includes 346 new Build to Rent apartments.

“Standing at 17 storeys at its highest point, Candleriggs Square will become a focal part of the city’s skyline, reinstating the Merchant City as a destination of choice for people to live, work and socialise.

“Today’s handover of the 346 Build to Rent apartments represents an important milestone for the project, and we are pleased to have completed works ahead of schedule.”

Jimmy House, Construction Director, GRAHAM Building North

L&G can now progress with the internal fit-out of the building before the first residents move in later this summer. 

Homes at Candleriggs Square are complemented by a range of retail and commercial units at ground floor level creating an attractive and accessible public realm.

An entrance lobby opens onto Glasgow’s Trongate, providing direct access to a communal landscaped courtyard at the first-floor level, while a range of roof terraces provide spectacular views across the city.

“We are delighted to reach completion of at Candleriggs Square, bringing a new community to the heart of the Merchant City. Helping to meet Glasgow’s increasing demand for high-quality rental housing, the site offers a well-designed, flexible living space integrated within the broader regeneration of the city centre. We look forward to welcoming our first residents in the coming months.

“Having launched our Build to Rent strategy in 2016, we have since deployed over £3bn of institutional capital into the sector and expanded our portfolio to 24 schemes across 13 cities – we’ve been on a rapid trajectory of growth and look forward to continuing with this as precedent.”

Dan Batterton, Head of Residential, Legal & General Investment

The 3.6-acre Candleriggs Square site – bound by Wilson Street, Hutcheson Street, Candleriggs and Trongate – was originally home to Glasgow’s flourishing fruit and vegetable market.

For most of the 20th century, the square played host to a department store, before remaining unoccupied and derelict for over two decades following the closure of the last operator in 1999. The site is regarded by many as the last and most important piece of Glasgow’s Merchant City regeneration jigsaw.

Drum and Stamford’s joint venture launched this ambitious £300m plan to transform Candleriggs Square when they 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.

The first major completion at the site was the opening of The Social Hub Glasgow in April 2024. With 494 rooms, it is Scotland’s largest hotel by room numbers.

“Candleriggs Square is now starting to come alive, fulfilling the development vision we outlined when we first took ownership of the site in 2019. With the completion of the L&G apartments and the opening of The Social Hub Glasgow, we are seeing this vital part of the city centre, which had lain dormant for more than 20 years, take shape in spectacular fashion.

“Candleriggs Square has always been at the centre of Glasgow’s commercial and social development, and this completion will be a huge boost to the area and to local businesses. We can now positively 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, Group Managing Director, Drum Property Group