Developer moves into Scotland with Glasgow build-to-rent plan
PLATFORM_, which already has 580 homes under management in the joint venture in key commuter towns and employment hubs across England, has acquired a two-acre site in Central Quay.
The project will deliver over 400 purpose-built rental homes on the site, which will be constructed around a landscaped courtyard and come with a host of on-site amenities such as concierge, residents’ lounge and gym.
Designed by Glasgow-based architects Keppie Design, PLATFORM_’s development will form a crucial part of the Central Quay regeneration, which will offer 300,000 sq. ft. of office space and a 150 room hotel in addition to the apartments. The Glasgow site is the company’s second new-build project after its 350 unit scheme in central Sheffield, which was announced last April.
Purchased from Harbert Management Corporation and XLB Property, who secured planning permission for the Central Quay masterplan last month, the acquisition marks PLATFORM_’s entrance into the Scottish rental market. It will be one of Glasgow’s first build-to-rent projects. The transaction was brokered by GVA.
To help support its expansion, PLATFORM_ recently hired a new finance director and boosted its development team with two new project managers.
Jean-Marc Vandevivere, CEO of PLATFORM_, said: “Being our first site in Scotland and second new-build project, the Glasgow acquisition is a major milestone for the business, as we look to deliver high quality, accessibly-priced private rented housing in key locations across the country.”
Stewart Knight, acquisitions director of PLATFORM_, said: “Perfectly positioned by the city centre and right in the heart of a major regeneration project, PLATFORM_ Glasgow is well primed to help support the city’s ongoing growth and transformation, and will provide hundreds of much needed quality rental homes. We’re constantly evaluating other opportunities across the UK with a view to adding more sites to our build-to-rent pipeline.”
Paul Broad, GVA Glasgow, added: “This deal is a landmark moment for not only the Scottish build-to-rent sector, which had previously seen less activity than in England, but also the Glasgow property market, highlighting growing investor confidence and a genuine sense of momentum behind both.”