DRUM Property Group and Stamford Property Investments have announced a joint venture to develop a major mixed-use development site in Glasgow city centre’s Merchant City.

They have acquired Candleriggs Quarter — land bound by Hutcheson Street, Trongate, Candleriggs and Wilson Street — which has lain derelict for over a decade.

The site has an planning consent for around 850,000 square feet of residential, student, hotel and commercial space.

Graeme Bone, group managing director of Drum Property Group said: “We are pleased to be working in partnership with Stamford to acquire such an exciting and significant site.”

He added: “Securing Candleriggs Quarter provides an exciting opportunity to transform this neglected part of the city centre and complete the regeneration of Merchant City.

“We are looking forward to preparing proposals for a sensitive mixed-use development that will have a variety of high quality residential accommodation and amenities at its heart.”

Uri Goldberg, managing director of Stamford Property Investments, added: “Following previous successful developments in Scotland, we are delighted to have joined forces with Drum Property Group to transform this important city centre site.

“Candleriggs Quarter offers an unprecedented regeneration opportunity and we are excited to deliver a high quality mixed use development.”