AN apartment development billed as the first major Build-To-Rent (BTR) scheme in Glasgow has been fully let within weeks in a success that could boost efforts to encourage more people to live in the city centre.
The 36 apartments in the £10 million Candleriggs Court development in the Merchant City area were taken within six weeks of the properties being put on the market.
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Tay Letting, which marketed the properties, said the apartments had proved particularly attractive to young professionals. It said these were attracted by the prospect of living in an area which features desirable bars, restaurants and shops.
“The revival of city centre living is being driven by this 24-34 age bracket, who accounted for 60 per cent of Candleriggs Court’s letting deals,” said Tay Letting.
The company predicted that BTR developments would play an increasingly important role in Glasgow in coming years.
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With property consultancy Savills forecasting that house prices in Scotland will rise by 17 per cent by 2022 it may become increasingly difficult for people to get a foot on the ladder.
The firm behind Candleriggs Court, Kelvin Properties, said the success of the development has encouraged it to invest in similar schemes in Glasgow.
Build-To-Rent schemes could help Glasgow City Council in its efforts to raise the number of people living in the city centre to 40,000 by 2030.
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Last year Stuart Patrick, chief executive of Glasgow Chamber of Commerce backed moves to encourage more people to make their home in the city centre as part of wider efforts to maximise its economic fortunes.
Noting buildings had become available for potential residential use amid changes in the retail and banking sectors, he suggested past efforts to decentralise the population to the suburbs and towns on the outskirts of the city may have gone too far.
Candleriggs Court includes a mix of one, two, and three-bedroom apartments. Rents range from £950 - £1,450 per month.
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