Construction on Glasgow’s first significant city centre Build to Rent development has been completed, providing high quality purpose built homes in the heart of Merchant City.
The Candleriggs Court development by Kelvin Properties, with a Gross Development Value of over £10 million, comprises 36 apartments in Glasgow’s G1 postcode. The mix of one, two and three bedroom flats to rent benefits from a high specification finish and comes with bike spaces, private underground residents’ parking and a unique communal garden.
Going like hot cakes
Marketed by property investment, letting and management specialist, Tay Letting, the entire complex was let within six weeks.
Marc Taylor, Director of Tay Letting, commented: “Candleriggs Court is a unique development in Glasgow. It offers affordable accommodation in the heart of the Merchant City, while delivering a secluded community just minutes walk from the best bars and restaurants the city has to offer. This really resonated with potential tenants, and unprecedented demand allowed us to fully-let the development in a matter of weeks.”
He added: “Build to Rent developments will play an increasingly important role in Glasgow over the coming years. Tay Letting’s experience in successfully marketing Glasgow’s first major BTR scheme leaves the firm ideally placed to provide expertise and advice for the up and coming sector.”
More Build to Rent homes to come
Following this huge success, plans are being lodged to deliver more Build to Rent homes in Glasgow next year. Tay Letting is partnering with a private investment company, Kelvin Properties, to meet increasing accommodation needs for city centre living.
Stephen McKechnie, Managing Director of Kelvin Properties, explained: “We want to help Glasgow flourish and thrive by creating quality housing in prime locations that really enhance the urban fabric of the city and attract the very best talent to the city. Following the success at Candleriggs Court, we now plan to deliver more market-leading BTR developments across Glasgow.”
Stuart Patrick, Chief Executive of Glasgow Chamber of Commerce, commented: “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.”