ReGlasgow

NEW Goods Yard Developer Proposes 1,800 Flats, Student Homes And Co-Living Units

15 August, 2024 | News

Proposed designs for the development

PUBLIC consultation has started over revised plans for Glasgow’s massive College Street goods yard site following sale of the land to a different developer.

The Galliard Apsley Partnership is in the process of seeking planning consent for a residential-led, mixed-use scheme on the 7.5-acre derelict site between Collegelands and Bell Street, beside Parsonage Square.

The proposals are for around 560 build-to-rent (BTR) flats, about 1,000 student homes, and approximately 260 co-living Units.

The gateway to the development would be on Bell Street where distinctive arches, which Galliard say are in a very poor condition, would be replicated.

Information about the project was published on a consultation website today and states: “The applicant owns the site. It is not a conditional contract. They have every intention of building out the scheme.

Proposed designs for the development

“Should consent be granted, the development programme will target development onsite in Q4 [fourth quarter] of 2025 and occupation of the first phase in Q2 [second quarter] of 2028.”

It continues: “The Galliard Apsley Partnership intends to submit a full planning application for mixed-use development, including retail and commercial, food and drink, leisure, residential, student and short-stay accommodation, delivering a truly intergenerational community.

“Known as College Gardens, this development will serve to redevelop a brownfield site, currently used as a car park, and create a high-quality residential neighbourhood, supported by a mix of new green spaces and amenity provision for both residents and the wider community to enjoy.

“Delivery of development will serve to provide much-needed homes, supporting Glasgow in addressing its housing emergency.”

Previous owners of the site, build-to-rent operator Get Living, secured planning permission in February 2023 for 821 flats for rent and 681 student accommodation rooms with a mix of retail, leisure, food and drink and commercial/business space.

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 products that may be of interest.

Residential development funding 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.

Bridging loans for property development 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.

Build to Let Development Finance: 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.

Below market value property funding: 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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