A major player in the Build To Rent sector has announced another large scheme - 346 units - on a major city centre site.
LGIM Real Assets, which already operates 15 BTR schemes in 11 cities, has revealed plans for an £81.5m mixed-use regeneration scheme at Candleriggs Square, Glasgow.
The scheme will deliver 346 BTR homes, just 17 parking spaces and almost 13,000 square feet of commercial space.
Candleriggs Square will mark the Fund’s second investment in Glasgow, last year having committed to the forward funding of a 324-home BTR scheme at neighbouring Buchanan Wharf.
The 17-storey tower at Candleriggs Square will comprise a mixture of studio, one-, two- and three-bedroom properties, including six duplex penthouse apartments.
There will also be a dining space, gym, business lounge and games room.
LGIM Real Assets’ £1.9 billion BTR fund has several landmark projects currently under development, including a 1,000-home scheme in south London and a 200-home scheme in Brighton.
Dan Batterton, head of BTR at LGIM Real Assets, says: “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.”