MOVES to regenerate the Broomielaw on the banks of the River Clyde have been handed a major boost after planning permission was granted for a £100 million project to build nearly 500 apartments.

City planners have given the green light to plans by London-based property firm Platform for a 498-apartment build to rent development in Glasgow’s Clydeside Central Quay area.

READ MORE: UK chief executives aim to hire amid skills worries 

The decision will be seen as a key milestone for supporters of investment to regenerate the area and concentrate more life on the riverside, with the proposed apartments forming part of a wider masterplan incorporating 300,000 sq ft of office space and a 150-bedroom hotel.

READ MORE: Planners are 'harming city as new-builds dismissed as yuppie flats'

Business leaders have long championed the need to regenerate the area to link the city centre with the burgeoning Finnieston district, and help Glasgow emulate cities such as Copenhagen and Berlin, where so much commercial, cultural and tourist life is focused around major riversides.

The Platform project, first mooted in September, is also a fillip for supporters of build-to-rent or private-rented-sector (PRS) accommodation projects as a means to meet demand for more housing in Glasgow, and for those calling for steps to be taken to encourage more people to live in the city centre. Planners in Glasgow and Edinburgh came in for criticism from property developers last year, with council officials accused of turning their backs on much-needed housing investment by dismissing PRS schemes as “yuppie flats”.

READ MORE: Scott Wright: Is it time for serious investment in Glasgow's riverside?

However, the Platform project is now one of several PRS schemes to be granted planning permission by Glasgow City Council. The authority has rubber-stamped plans by Moda Living to build 433 rental homes in the former Strathclyde Police headquarters on Pitt Street, and to Get Living for a 700-home PRS scheme near High Street in the Merchant City. The Get Living project will be the biggest build to rent scheme in Scotland.

Commercial property expert David Davidson, chairman of Scotland for Cushman & Wakefield, said while PRS schemes have been slow to develop in Scotland, “it is encouraging to see these ambitious plans for Central Quay moving to the next phase”. Mr Davidson added: “The Broomielaw will benefit from an increase in housing which will bring much-needed life to the area outside of conventional office hours. Hopefully more plans will follow.”

READ MORE: Revealed: Major jobs boost for Scotland's biggest local authority

The Platform plans, which represent its first investment in Scotland, comprise a mix of studio, one, two and three-bedroom apartments which will be available to rent. The homes will be spread over four blocks, ranging from six to 20 storeys in height, and will be supplemented by co-working spaces, shared residents’ lounge, on-site concierge, roof terraces, a gym and a games room.

Platform, which has developments in Crawley, Bedford, Bracknall, Exeter and Stevenage, said the rents will be set at a level affordable to more than 50 per cent of people who work locally. It expects work on the scheme, designed with Glasgow-based architecture practice Keppie, to begin in the third quarter of this year, and completed in 2021.

Matt Willcock, development director at Platform, said: “We’ve been working closely with architects, designers and members of the city council over the last few months on the Central Quay site and are pleased to have received approval for the development. Build-to-rent is soaring in popularity across the UK for people who want flexible, sociable and cost-effective living, with the ability to walk or cycle to work high on the agenda. This development meets that criteria and is suitable for a range of people – couples and families alike.”

Stuart Patrick, chief executive of Glasgow Chamber of Commerce, described the development as a “real boost for the Broomielaw”.

He added: “Glasgow Chamber of Commerce welcomes another forward-thinking proposal for centrally located residential accommodation, helping to drive footfall into the city while strongly appealing to skilled workers who want to live in close proximity to their workplace. It’s been an incredibly productive period for plans along the river - with a strong pipeline of developments stretching from Tradeston right along to Partick and I’m very much looking forward to watching Platform’s scheme progress.”