Candleriggs Tops Out
30th May 2023
‘Topping Out’ of the 346 apartment build-to-rent complex marks the next step in the £300m Merchant City regeneration
The £300 million transformation of Candleriggs Square in Glasgow's Merchant City has reached another significant development milestone with the completion of structural work for a 346-apartment build-to-rent (BTR) complex, forward funded by Legal & General.
Candleriggs Development 2 Limited - the joint venture between Drum Property Group and Stamford Property Investments - first agreed a 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, lying at the heart of the city’s popular Merchant City area.
Representatives from GRAHAM, Drum Property Group and Legal & General gathered on top of the development to mark the significant milestone of the structure of the building reaching its highest point. There was sunshine and smiles as guests marked the occasion by signing the building’s core.
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 of 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 of Drum Property Group
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 at Legal & General Investment Management Real Assets
The L&G residential complex will sit at the heart of Merchant City, one of Glasgow’s most desirable neighbourhoods and will help meet tenant demand for city centre housing which is located next to large employers. The development aims to create the best possible experience for renters, providing high-speed digital connectivity, dedicated workspace and exercise facilities - all of which are essential in a post-covid world.