LGIM Real Assets has announced that it is forward funding an £81.5m mixed-use regeneration scheme in Candleriggs Square, Glasgow.

The scheme will deliver 346 BTR homes, 17 parking spaces and c.12,800 sq ft of commercial space. The 17-storey tower at Candleriggs Square will comprise a mixture of studio, one, two and three bedroom properties, including six duplex penthouse apartments. The building will include a dining space, gym, business lounge and games room.

Dan Batterton, Head of BTR at LGIM Real Assets, said: “Glasgow faces a significant undersupply of high-quality rental accommodation and, within the coming decade, will see its population increase as it continues to establish itself as one of the UK’s best cities to live and work. The site is located in a prime location and, alongside Legal & General’s Buchanan Wharf scheme, is the city’s only high-density build to rent product.

“Through our BTR Fund we want 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.”

The scheme will make up part of a £300m Drum Property Group plan to transform Candleriggs Square, a 3.6 acre regeneration area which will provide a mix of high-quality homes, offices, hotels, restaurants, amenities and landscaped open space. Approval was granted for a ‘Planning Application in Principle’ for Candleriggs Square by Glasgow City Council in May 2020. 

Graeme Bone, Managing Director of Drum Property Group, said: “This will be a huge boost to the area and to local businesses, who are in desperate need of some good news right now. We can now look forward to a once-in-a-generation opportunity to transform a very special area which has always been at the centre of Glasgow’s commercial and social development.”