Major Glasgow build-to-rent development set for summer completion
Glasgow’s first significant city centre build-to-rent (BTR) housing development will be delivered in the heart of Merchant City this summer.
Property investment, letting and management specialist Tay Letting has been appointed to market the Candleriggs Court development.
With a gross development value of circa £10 million, the 36-apartment project represents the first major BTR delivery in Merchant City and is part of a growing movement to repopulate the centre of Glasgow.
Kelvin Properties, one of Glasgow’s largest private investment companies with a track-record in high-specification refurbishments, is driving the major redevelopment which is currently nearing completion with 50 tradesmen on site daily to get the project over the finishing line. The city’s newest urban community has now opened its show home’s doors ahead of the refurbishment programme completing towards of the end May.
Candleriggs Court will benefit from bike spaces, private underground residents’ parking and a unique communal garden, offering breathing space in the heart of the city.
Marc Taylor, director, Tay Letting, said: “Candleriggs Court will provide high-quality living space for a range of occupiers - from professionals to young professionals - in a prime city centre location. It will deliver amenities not available in traditional rental properties just minutes’ walk from the finest retail and leisure facilities Glasgow’s vibrant city centre has to offer.
“BTR developments will play an increasing role in solving Glasgow’s property puzzle – and our appointment to bring these 36 high-spec apartments to market is hugely exciting for Tay Letting. The development offers flexibility, as the mix of apartment layouts caters to a range of budgets and has already generated significant tenant interest.”
BTR refers to the emerging market in private rented residential stock, which is designed solely for renting rather than sale. The concept, which has proven popular in England and Europe, offers housing in prime, well-connected locations that would otherwise be unaffordable to consumers.
Stephen McKechnie, managing director, Kelvin Properties, added: “Glasgow is a dynamic and thriving city that needs more residential development to help it to flourish. Kelvin Properties is excited to be delivering one of Merchant City’s first BTR development and contributing to the wider regeneration of the city core.
“Kelvin Properties has a proven track-record of delivering quality developments, such as Sandringham Court in Newton Mearns and The Atrium in Broomhill, and we’re are on track to deliver a sought-after development that will enhance the urban fabric of Glasgow.”
Stuart Patrick, chief executive of Glasgow Chamber of Commerce, said: “It’s encouraging to see a continued pipeline of investment into Glasgow’s Build to Rent property market, a significant focus for the city’s overall strategic development. The creation of quality housing in prime locations supports round-the-clock city-centre footfall while helping to retain a competitive edge when attracting skilled workers.”