Construction has been completed on the first major city centre Build to Rent development in Glasgow.
With young professionals flocking to the Merchant City scheme, Candleriggs Court has been fully-let within weeks, demonstrating appetite for city centre living.
Having been met with high levels of occupier demand, the entire 36-apartment complex was fully let within just six weeks of marketing by Tay Letting, the property investment, letting and management specialist.
The fully-let housing development now has a Gross Development Value (GDV) north of £10m.
Marc Taylor, director, Tay Letting, said: “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.
“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.”
Following on from the success of Candleriggs Court, which features a mix of one, two, and three-bedroom flats, plans are now progressing to deliver another city centre site next year.
Build to Rent will be crucial in sustaining the city’s accommodation needs going forward as house prices in Scotland are forecasted to rise by 17% by 2022, according to research from Savills.
Stephen McKechnie, managing director, Kelvin Properties, commented: “Kelvin Properties has a proven track-record of delivering developments of real quality, such as Sandringham Court in Newton Mearns and The Atrium in Broomhill. Candleriggs Court is another stellar addition to our growing portfolio.
“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.”