Planning permission has been granted for a new city-centre neighbourhood in central Glasgow, Scotland’s largest built-to-rent scheme to date.
The proposal reveals the derelict 7.5-acre site behind High Street rail station will be transformed into a new residential neighbourhood of 727 rental homes, as well as a new public square, 99 student studios and space for retail, leisure, food and drink, and commercial business. There will also be a new tree-lined access route on the site to connect the Merchant City and East End via High Street.
As it stands, the historic Glasgow site has lain derelict for many years, with only a small section being used as a car park. The space has previously been used for the University of Glasgow, the Hunterian Museum and, most recently, a goods yard for the City of Glasgow Union Railway Company.
Get Living, a London-based large-scale residential property investor, secured backing from Glasgow City Council and have said that work on the first phase of the neighbourhood development is expected to start in 2019 subject to building consents. This will be Get Living’s first multi-million-pound investment venture out with London.
Build-to-rent homes are designed specifically for renting, are professionally managed, and can help alleviate housing shortages in the city centre, with properties typically brought to the market and occupied much faster than for-sale developments.
Executive chairman of Get Living, Rick de Blaby, stated:
“With a wealth of commercial developments in the city centre and on the waterfront of the River Clyde, it is an exciting time for Glasgow and it is fantastic to be able to say we are now a part of its ongoing revitalisation.”
Stuart Patrick, Chief Executive of Glasgow Chamber of Commerce added:
“Attracting people to live centrally is a key priority for our urban planners, driving sustained volumes of footfall for the retail and leisure sectors whilst also bringing skilled workers closer to their jobs and reducing travel demand.”
Contact our Commercial Property Lawyers Glasgow, Scotland
If you need expert legal advice about commercial property in the Glasgow area, do not delay and get in touch with one of our friendly and proactive commercial property solicitors today via the online contact form.
