ReGlasgow

FINNIESTON Development Now To Include M&S Foodstore And Student Rooms

12 September, 2024 | News

Student housing and an M&S foodstore is proposed for this block of the scheme

CHANGES to a massive proposed development in Finnieston include using some of the site for student housing and creating an M&S foodstore.

Keltbray Developments plan to transform land bounded by Minerva Street, West Greenhill Place and Finnieston Street.

The approved development

Permission was given by Glasgow City Council in February for 394 rental apartments across two blocks with rooftop gardens, gym, co-working spaces, meeting rooms, function rooms, greenhouses and growing areas, and residents’ lounges, plus retail space, a public square, and a new east-west pedestrian and cycle-priority street.

The developer is now consulting over revised plans that would see one of the residential blocks become student accommodation.

Retail space would also be provided on Finnieston Street, to be occupied by an M&S foodstore.

A statement on the project website explains: “The materiality and design concept of the proposal is unchanged and the revised proposal will maintain the high-quality approach to the provision of public open space.

“The replacement of one block of the approved residential scheme with purpose-built student accommodation meets an identified requirement for student accommodation in the area and reflects the reduced market demand for build-to-rent developments in Glasgow.

“The changes to the proposed scheme in terms of visual appearance and design approach are minimal.”

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 of their products that may be of interest.

Property development loans 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.

Bridging loans 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.

Build to Rent Finance: Build to rent projects 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.

Developer Exit Finance: Developer exit finance comes into play when a project is nearing completion and awaiting sales or refinancing to complete. It repays the development finance and is typically at a lower interest rate, allowing developers to access profits or raise capital for future projects.

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