CANDLERIGGS SQUARE
Project Value: £350 million Investment Type: Various options available Location: Merchant City, Glasgow City Centre Landowner: Candleriggs Development 2 Ltd (JV between Drum Property Group and Stamford Property Investments) Timescale: 2020-2025 Status: First phase complete, remainder of site being actively marketed.
PROJECT OVERVIEW
Candleriggs Square, bound by Wilson Street, Hutcheson Street, Candleriggs and Trongate, is regarded as the last and most significant piece of the Merchant City regeneration jigsaw.
Originally home to Glasgow’s flourishing fruit and vegetable market, the site lay neglected and unused for 20 years, becoming an unattractive gap site in an otherwise vibrant and thriving neighbourhood.
Drum and Stamford’s joint venture inherited an existing planning consent, approved in 2016, for around 850,000 sq. ft. of residential, student, hotel and commercial space. Drum and Stamford’s revised and consented application in 2020 made significant improvements to the quality of design and site permeability which reflect the site’s unique setting at the heart of the Merchant City.
Proposals include a mix of homes, hotel and commercial space clustered around landscaped areas and a central public square. Restaurants, cafes, bars and retailers will be included at ground-floor levels, augmented by a variety of pedestrian-friendly street-level courtyards.
A 500-bedroom hybrid-hospitality complex for The Social Hub will opened April 2024, and a 346-apartment build-to-rent residential building for Legal & General completed in the summer.
The development will return Candleriggs Square to a bustling market-place full of life, vitality and interest and intrinsically linked to the rest of the city centre, bringing with it a significant and timely boost for both the local and national economy.
Artist impression of Candleriggs Square
INVESTMENT OPPORTUNITIES
The site has planning consent for a mix of uses including hotels, residential, business space and offices, pubs, restaurants, leisure and gym with associated car parking, access, landscaping, and public realm. The first two plots are now complete. The Social Hub, a 500-bedroom hybrid-hospitality complex opened in April 2024, and a 346-bedroom build-to-rent residential building for Legal & General in Summer 2024. Drum is in discussions in relation to the balance of the development comprising Grade A office and residential accommodation to complete the scheme. Various options are available.
Artist impression of Candleriggs Square, Merchant City
STATUS UPDATE
Planning consent secured. The first phase is complete and the remainder of site being actively marketed.
Site ownership or control is secured
Site is owned by Candleriggs Development 2 Limited, a joint venture between Drum Property Group and Stamford Property Investments.
The project caters for a market with identifiable demand
Drum is in discussions in relation to the balance of the development comprising Grade A office and residential accommodation to complete the scheme.
Proposed use is identified or permitted in planning
The site has planning consent for a mix of uses including hotels, residential, business space and offices, pubs, restaurants, leisure and gym with associated car parking, access, landscaping and public realm. Planning consent reference: 19/03665/PPP.
The project offers a potentially acceptable investment return
Various investment options are available.
The project is near market and investor-ready
First plots complete / nearing completion, remainder of site being actively marketed.
MORE INFORMATION
David Kilgour
Development Director, Drum Property Group email: davidk@drumpropertygroup.com tel: +44 (0)141 428 3409