New development will provide 114 rental apartments in one of Glasgow’s trendiest neighbourhoods

A build-to-rent development of 114 apartments is set to push ahead in one of Glasgow’s trendiest neighbourhoods after a funding deal was agreed.

The £25.9 million G3 Square development is located on Minerva Street, Finnieston, adjacent to Exhibition Centre Station.

The site has detailed planning consent and construction is due to begin in the first quarter of next year, with completion expected in July 2023.

Drum Property Group, which recently delivered the new Barclays Bank headquarters building next to the Clyde, will act as development manager.

A computer generated image of the Finnieston development, which has detailed planning consent. Construction is due to begin in the first quarter of next year, with completion expected in July 2023.

The project is pushing ahead after Edmond de Rothschild Real Estate Investment Management (REIM) secured the development site for the Edmond de Rothschild Residential Investment Fund UK, which invests in the private rented sector on behalf of European institutional investors. The fund has agreed to forward fund G3 Square.

Energy for the development will be supplied via an “innovative community heating and energy centre” to supply “cost-effective and sustainable” heat and power.

Charlie Miller, co-head of residential in the UK and director of residential transactions at Edmond de Rothschild REIM, said: “G3 Square is an excellent opportunity to establish the fund’s first development in Scotland, where we will provide high-quality rental accommodation at affordable levels in line with the strategy for the fund. Glasgow is the seventh biggest city in the UK, with exceptionally strong demand for homes to rent.”

The fund’s first eight acquisitions were in Leicester (two), Warrington, Nottingham, Birmingham (two), Rugby and Gateshead. Edmond de Rothschild REIM focuses on the “lower-to-mid” market.

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