ReGlasgow

FIRST Look At Student Rooms And Foodhall Plan For Fire-Damaged 02 ABC Site

19 July, 2024 | News

DESIGNS for student accommodation and a public foodhall with performance space at the former 02 ABC venue on Sauchiehall Street have been submitted for planning approval.

Vita Group have applied to demolish the fire-damaged premises and develop the site under their House of Social brand.

The building would have 356 student bed spaces — 306 beds provided by way of four, five and six-bed student clusters, plus 50 studios.

The foodhall would be at ground and mezzanine levels. There would be a courtyard for students and the wider community.

The C-listed building was badly damaged by the massive blaze which broke out in Glasgow School of Art’s Mackintosh building in June 2018.

A design statement included with the planning application explains: “The ABC was previously one of the city’s busiest and most renowned live music venues, before it was devastated by the Glasgow School of Art fire in 2018.

“With extensive fire damage to ABC, retaining the building or its façade is not considered to be feasible due to the design, material condition, and strength validation challenges uncovered through a series of surveys and structural reports.

“The demolition of both ABC and [the former] Jumpin’ Jak’s [nightclub] does however offer the opportunity to develop a cohesive response for the site that interacts with both Sauchiehall Street and Glasgow School of Art as one unified city block.”

It continues: “It is an exciting opportunity to bring investment, footfall and animation to both Sauchiehall Street and Glasgow.

“A key element of the proposal is a ground floor food hall. Open to the public, this vibrant space combines great Glasgow food, drinks and music.

“A range of stands will bring favourite, and new food and drink offers, alongside performance space for Glasgow’s music scene, working with local and upcoming Glaswegian musicians to give them a platform to perform.”

The developers add: “The subject site currently offers no pedestrian through route or public realm.

“In response to the immediate heritage context and Glasgow School of Art, the proposals seek to improve connectivity, present opportunity for improved public realm to the challenging topography of both Scott Street and Dalhousie Street, and create a meaningful public space to allow viewing of the south facade of GSA, unseen from the wider streetscape.

“In addition, pedestrian connection to this courtyard space is provided through the ground and first floor foodhall, connecting up through the section of the building, providing opportunity to permeate in all directions.”

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 funding for projects in Scotland: 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.

Scottish bridging finance options: 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.

Build-to-rent project financing options: Build to Rent projects also known as Build to Let are gaining traction, with this facility funding projects from £750,000 to £50,000,000, typically for large-scale refurbishments and new build residential flats. The development finance transitions to a long-term commercial mortgage upon completion.

BMV property funding solutions: 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.

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