Drum Property Group and Stamford Property Investments have announced a joint venture to develop a mixed-use development site in Glasgow which will see the creation of a 124-room hotel.
Following the successful acquisition of the site at the city centre’s Merchant City, the regeneration is set to see almost 850,000 sq. ft of 1,200 flats and students rooms, additional retail space and the hotel built.
The development will be situated on the site bounded by Trongate, Wilson Street, Brunswick Street, Hutcheson Street and Candleriggs.
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.”