All the finance is acquired by the Developer Drum Property to start the first phase of a £300m scheme. This new scheme will transform Candleriggs Square in Glasgow. Legal and General will invest £82m into forward funding for the first phase element.
The new Glasgow build to rent job includes 346 homes on Glasgow’s most prominent gap sites. The scheme will be part of Drum’s plan to transform the 3.6 acre Merchant City. This will comprise homes, hotels, offices, amenities, restaurants, and landscaped open space.
The plans are designed by Richard Murphy architects while Mace acts as the project and construction manager for the scheme. Candleriggs Square is a 17-storey rental flats tower with one, two, and three-bedroom properties, and includes six duplex penthouse apartments.
The Candleriggs Square will include a gym, games room, dining space, and business lounge. Commercial units included within the scheme will all meet a BREEAM ‘Excellent’ rating. Candleriggs Square will mark L&G BTR Fund’s second investment in Glasgow.
It has given commitment in the last year to the forward funding of a 324-home rental scheme at neighboring Buchanan Wharf. It also used the same local developer Drum Property Group to deliver the project.