Property News

Glasgow’s First Major City Build to Rent Development a Success

Em Morley - July 8, 2019

The first build to rent development in a major city has now been completed in Glasgow.

Within weeks the Merchant City scheme has become popular amongst young professionals, eager to move in. The 36-apartment complex of Candleriggs Court was fully let within only six weeks of being on the market.

Tay Letting, the lettings and property management company that marketed the complex, has reported that it now has a Gross Development Value (GDV) north of £10m.

Marc Taylor, Director of Tay Letting, commented: “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.”

“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.”

Following on from this success, another city centre development is on the horizon, with work currently progressing on a site due to be completed next year. Tay Lettings, working in partnership with Kelvin Properties, looks to continue producing quality build to rent accommodation for those looking to rent in Scotland.

With house prices in Scotland forecasted to rise by 17% in 2022, according to research from Savills, build to rent will help to sustain the city’s accommodation needs.

Stephen McKechnie, Managing Director of Kelvin properties, has said: “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.”