Watkin Jones plans Glasgow’s largest BTR scheme
Watkin Jones is planning the largest build-to-rent scheme in Glasgow with 750 homes at the government-let, city-centre Portcullis House.
It has acquired the 0.826-acre site on India Street from Mapeley Investment Group. The development would exceed the current record, set by Get Living at the 7.5-acre former College Street Goods Yard.
A scheme of this size with a small footprint would require significant height and would have an expected GDV of around £200m.
Watkin Jones is planning the largest build-to-rent scheme in Glasgow with 750 homes at the government-let, city-centre Portcullis House.
It has acquired the 0.826-acre site on India Street from Mapeley Investment Group. The development would exceed the current record, set by Get Living at the 7.5-acre former College Street Goods Yard.
A scheme of this size with a small footprint would require significant height and would have an expected GDV of around £200m.
Portcullis House is an office currently let to the Ministry of Housing, Communities and Local Government until 2021. The developer expects to complete the scheme in 2024.
Watkin Jones Group investment director Alex Pease said: “The site is located in a prime urban location within the business district with excellent access to amenities and local transport links.
“The transaction demonstrates our positive outlook for the build-to-rent sector across the UK.”
The BTR market is well established in Glasgow and ahead of other Scottish cities, with more schemes under construction and operational. As well as Get Living, Platform_ , L&G and Dandara have a number of consented sites around the city centre, with the first buildings expected to be operational in 2022.
Mapeley Investment Group was advised by CBRE and Watkins Jones was advised by Lambert Smith Hampton.
Image © Mapeley Investment Group
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