THE £300million transformation of a city centre area has reached a significant milestone. 

The structural work of a 346-apartment build-to-rent (BTR) complex has been completed at Candleriggs Square in Merchant City.

The project was forward funded by Legal & General.

Candleriggs Development 2 Limited - a joint venture between Drum Property Group and Stamford Property Investments - agreed a deal with Legal & General Investment Management Real Assets in 2020 to bring the £81.5m apartment complex to the area.

The complex has been designed to meet the growing post-lockdown demand for affordable high-quality rental accommodation in the city centre, while the ground floor will feature a range of retail and commercial units. 

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The entrance lobby will open onto Trongate, and will give access to a communal landscaped courtyard at the first-floor level, while there will be a range of roof terraces providing views across the city.

In addition to the apartment complex, a 500-room hotel and leisure complex owned and operated by hotel brand The Social Hub is due to be completed later this year. 

Senior representatives from Drum, Legal & General and building contractor Graham Construction gathered to mark the 'Topping Out' with a traditional ceremony, each recording their signatures on the last concrete pour on the highest part of the building.

Glasgow Times:

Graeme Bone, managing director of Drum Property Group, welcomed the building’s structural completion as marking an exciting future for the city centre.

He said: "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 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."

Dan Batterton, head of residential at Legal & General Investment Management Real Assets, added: "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 2500 new homes per year over the next decade."