Maven has announced that work has begun on a new £19 million redevelopment scheme in central Glasgow.

Property and private equity manager, Maven Capital Partners, is redeveloping Dalian House, a prominent 64,000ft2 Glasgow office building, into a boutique Build-To-Rent (BTR) development comprising of 92 studio, one-bed and two-bed apartments.

Dalian House is located in central Glasgow on the corner of St Vincent Street and North Street, in a prime position between Glasgow's Central Business District and the bars and restaurants of highly desirable Finnieston. Formerly the headquarters to NHS Glasgow, the office has lain vacant since 2010. Planning permission was granted in Summer 2022 to repurpose the empty offices to high-end apartments.

The £19m development has been part-funded through Maven's professional investor network, alongside a development facility from Puma Property Finance. Maven will undertake the project in conjunction with Calmont Group, with whom Maven has previously worked on several UK real estate developments.

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The refurbishment will see comprehensive internal and external alterations to create a modern BTR accommodation complex in Glasgow's city centre which offers residents a space where they can live, work, and socialise together and build a sense of community. The project will comprise 17 studios, 58 one-bed and 17 two-bed apartments all benefitting from a high-quality internal specification.

The development will also include extensive common areas including a social hub, co-working space, meeting room and gym. The site also benefits from 96 existing car parking spaces which will be retained, and a landscaped private garden will be created to the rear of the property, including greenhouse, and social terraces. 

The BTR sector in the UK is undergoing a period of significant growth fuelled by a combination of strong underlying demographic drivers and the ongoing structural under-supply of accommodation available for rent in key markets. Glasgow is at the forefront of this trend having seen rent prices rise to record highs across the city due to an acute shortage of available stock.

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 is pleased to be able to cater to this growing need."