Drum Property Group and Stamford Property Investments have announced a joint venture to develop a significant mixed-use development site at the heart of Glasgow city centre’s Merchant City following their successful acquisition of the site.
Candleriggs Quarter, bound by Hutcheson Street, Trongate, Candleriggs and Wilson Street is recognised as one of the most important development sites in the city centre.
Having lain derelict for over a decade, the site has an existing planning consent for around 850,000 sq. ft. of residential, student, hotel and commercial space with the potential to play a fundamental role in Glasgow’s continued economic growth.
Welcoming the deal, Graeme Bone, Group Managing Director of Drum Property Group said: “We are pleased to be working in partnership with Stamford to acquire such an exciting and significant site.
“Securing Candleriggs Quarter provides an exciting opportunity to transform this neglected part of the city centre and complete the regeneration of Merchant City.
“We are looking forward to preparing proposals for a sensitive mixed-use development that will have a variety of high-quality residential accommodation and amenities at its heart.”
Uri Goldberg, Managing Director of Stamford Property Investments added:
“Following previous successful developments in Scotland, we are delighted to have joined forces with Drum Property Group to transform this important city centre site.
Candleriggs Quarter offers an unprecedented regeneration opportunity and we are excited to deliver a high quality mixed use development.”