Maven Capital Partners has announced the start of work on its redevelopment of Dalian House, a 64,000 sq ft Glasgow office building, into a build-to-rent development comprising 92 studio, one-bed and two-bed apartments.
Located on the corner of St Vincent Street and North Street, the building was formerly the headquarters to NHS Glasgow, but has lain vacant since 2010.
Planning permission was granted last summer to repurpose the empty offices into flats.
The £19m development has been part-funded through Maven’s professional investor network, Maven Investor Partners, alongside a development facility from Puma Property Finance.
Maven will undertake the project in conjunction with Calmont Group, with whom it has previously worked on several UK property developments.
This refurbishment will see comprehensive internal and external alterations to create a modern accommodation complex. The project will comprise 17 studios, 58 one-bed and 17 two-bed apartments, with common areas including a social hub, co-working space, meeting room and gym.
The site also has 96 existing car parking spaces which will be retained. A private garden will be created to the rear of the property, including a greenhouse and terraces.
Paul Johnston, partner at Maven, said: “When complete, The Dalian will offer residents everything they could require for contemporary living, whilst helping to address Glasgow’s acute shortage of high quality rental properties.
“Build-to-rent is a fast-growing segment within the residential market, and we are continuing to see demand from young professionals for high-quality accommodation in the heart of key UK cities close to where they work and socialise.”
Maven Capital Partners is a property and private equity manager, a subsidiary of Mattioli Woods, with more than £800m funds under management.
Headquartered in Glasgow, and with offices across the UK, it has a track record in the hotel, student accommodation, residential and office space sectors, sourcing and structuring transactions with a gross development value of up to £30m.
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