Edmond de Rothschild Real Estate Investment Management (REIM) has completed a c. €36.2m build-to-rent development in Glasgow, the first in Scotland for its c. €638.2 million Edmond de Rothschild Residential Investment Fund UK.
Located on Minerva Street, adjacent to Exhibition Centre Station, in the Finnieston area of Glasgow, the G3 Square development provides 113 apartments for rent. Energy for the development is supplied via an innovative community heating and energy centre to supply cost-effective and sustainable heat and power. Edmond de Rothschild REIM expects to achieve rents of c. €1,300 for a one-bed apartment, c. €1,780 per month for a two-bed apartment and c. €2,145 per month for a three-bed apartment, which accords with its aim to create high-quality rental assets at affordable levels. Drum Property Group acted as development manager for both EdR REIM and its residential investment fund at G3 Square, having previously built and sold the first phase of 108 apartments in November 2021.
The development was partly funded by a c. €14m facility provided by Secure Trust Bank, which is the third facility from the bank for Edmond de Rothschild Residential Investment Fund UK’s build-to-rent development programme.
James Whidborne, head of residential fund management UK at Edmond de Rothschild REIM, said: “G3 Square is an excellent first development for the fund in Scotland. Glasgow is the fourth largest city in the UK, with exceptionally strong demand for homes to rent. In line with the strategy for the fund, we are offering high-quality rental accommodation at affordable levels, and we quickly expect to achieve full occupancy”.
Zoe Innes, head of lettings, residential UK, at Edmond de Rothschild REIM, said: “We’re really excited to be launching our first scheme in Scotland. The lettings market in Glasgow is very strong and Finnieston is one of its most sought-after areas. Its close proximity to the financial district, Kelvingrove Park and the exhibition centre make it an ideal location for us”.