A DEVELOPER wants to demolish a rundown Calton property used as community arts venue and build flats.

Spectrum Properties are proposing around 50 apartments for the site at the Barras market, on land bounded by London Road, Bain Street and Stevenson Street.

The flats would be a mixture of one, two-, three and four-bedroom units.

A five-storey property that currently occupies some of the plot is home to The Space, with studios and performance areas for creatives and space for community events.

Spectrum, which owns the site, has started consultation over their proposal, ahead of submitting a planning application.

A report prepared for Spectrum states that the building is in very poor condition with significant issues including extensive water ingress and structural deterioration and corrosion.

Empowering Scotland’s property developers of every size, with funding solutions to help you rise.

Evolve Finance are a Glasgow-based commercial finance brokerage serving the UK, specialising in all types of property finance for Property Developers, Landlords and Investors and offering innovative finance solutions, they welcome complex cases and back their experience to add value to any project.

Here’s just some development finance products that may be of interest.

Development Finance for Scottish Property Projects: For projects from £750,000 to circa £50,000,000, this facility is typically for the purchase and ground up development costs of new build residential projects, large residential refurbishment projects or commercial projects with the loan repayment coming from the sale proceeds or re-financing to a term loan.

Bridging loan options in Scotland: This facility is typically used for projects ranging from £50,000 to £3,000,000, covering purchase and development costs of anything from one-bedroom flats to large commercial-to-residential conversions, as well as smaller new build developments like a single detached house or gap site projects of 6–12 flats.

Buy Refurbish Refinance Rent Funding Strategies: The Buy, Refurbish, Refinance, Rent (BRRR) strategy is a highly effective method that enables you to rapidly grow a substantial, cash-flowing buy-to-let property portfolio, helping you maximize your investment returns and build long-term financial security through property.

Below Market Value Loans: Below-market-value bridging loans allow you to borrow up to 100% of the purchase price when the property’s purchase price is lower than its open market value, helping you maximise leverage opportunities and make the most of discounted property deals.