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 ‘planning application in principle’ 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’s 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: “The 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’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.”
Drum and Stamford’s joint venture first launched its £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 ‘planning application in principle’ 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.