Candleriggs Development 2 - a joint venture between Drum Property Group and Stamford Property Investments - agreed the deal for the Candleriggs Square scheme with Legal & General.
The 3.6-acre Candleriggs Square site lies at the heart of the Merchant City area. Approval was granted for a 鈥榩lanning application in principle鈥� for the entire site by Glasgow City Council in May 2020.
Legal & General will fund Candleriggs Development 2 to deliver the apartment complex. 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 retail and commercial units on the ground floor level. An entrance lobby will open onto Glasgow鈥檚 Trongate, giving direct access to a communal landscaped courtyard at the first-floor level, and there will also be a range of roof terraces providing views across the city.
Graeme Bone, managing director of Drum Property Group said: 鈥淭he 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鈥檚 most prominent gap sites, driving forward the evolution of Candleriggs Square which has quickly established itself as one of Scotland鈥檚 largest and most important commercial and residential development sites.鈥�
Drum and Stamford鈥檚 joint venture first launched its 拢300m plan to transform Candleriggs Square when the site was bought in March 2019. Plans included a 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 approved the 鈥榩lanning application in principle鈥� for the entire site, as well as a detailed application for the first development phase including a 500-room hotel and leisure complex. Construction of the hotel is due to begin in early 2021.
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