Glasgow's Merchant City district (Photgraph: Postdiff)
Mace plans new mixed use development for Glasgow Merchant City site
New mixed use development to be built on land formerly owned by Selfridges in Glasgow's Merchant City district.
Candleriggs, a 50/50 joint venture between the investment arm of Mace and funds managed by Mercer Real Estate Partners, has exchanged contracts to purchase land owned by Selfridges in Glasgow city centre to redevelop it into a mixed use scheme.
Located in the vibrant Merchant City area of Glasgow, the proposed development will include residential and retail elements and is intended to make a positive impact on the local community. Candleriggs has assembled a team to develop proposals for the site with award winning Richard Murphy Architects taking the lead on design and JLL advising on planning.
The team intends to submit a planning application for the site by the end of 2014 and over the following months will be engaging with local stakeholders to obtain their view and thoughts on the proposals.
Development Director for Mace, Mike Myles said: “We are incredibly excited to have acquired the site and we look forward to developing proposals in conjunction with Glasgow City Council and local stakeholders. We are fully committed to developing a high class scheme that will positively contribute to the Merchant City”.
Chief Operating Officer of Investment for Mace, David Grover said: “Glasgow is undergoing a huge transformation at the moment and we’re delighted to be working on such a great project. This investment compliments our wider portfolio of projects around the UK focused on mixed used urban regeneration and we’ll be bringing our expertise to this development.”
A Selfridges spokesperson commented: “The decision was taken to find an appropriate buyer with an exciting and cohesive vision for the redevelopment of such a large site. We are confident we have selected the right purchaser and look forward to seeing the proposals developed by the Candleriggs team.”
Councillor Gordon Matheson, Leader of Glasgow City Council, said: "It's great news plans for the redevelopment of the Candleriggs site are now progressing. Local residents and businesses are delighted the site has been cleared over recent weeks and are looking forward to seeing it brought back to life.
"The plans for the Candleriggs site will, I am sure, be of the very highest quality and very exciting. The council and the local community will look forward to working with Mace and Mercer Real Estate Partners on their plans, which when complete will strengthen Merchant City's position as a jewel in Glasgow's crown."