Maven leads £19m Dalian House redevelopment
Property and private equity manager Maven Capital Partners has commenced its redevelopment project to turn Dalian House, a 64,000 sq ft office building in Glasgow, into a bespoke build-to-rent (BTR) complex.
Located at the intersection of St Vincent Street and North Street, the development is set to offer 92 studio, one-bed and two-bed apartments.
The project involves an investment of £19 million, and Maven Capital Partners is undertaking it in collaboration with the Calmont Group. The funding has been arranged through Maven’s professional investor network, Maven Investor Partners, along with a development facility from Puma Property Finance. The office building, which served as the former headquarters for NHS Glasgow, has been vacant since 2010 and received planning permission for conversion into high-end apartments in summer 2022.
The extensive refurbishment will incorporate significant internal and external alterations to transform the office building into a contemporary BTR accommodation complex in the heart of Glasgow. The project will feature 17 studio, 58 one-bed and 17 two-bed apartments, all benefitting from a high-quality internal specification.
The complex will offer extensive communal facilities including a social hub, co-working space, a meeting room and a gym. The existing 96 car parking spaces will be retained, and a private garden with a greenhouse and social terraces will be added to the property’s rear.
The BTR sector in the UK has seen substantial growth in recent years, primarily driven by demographic changes and a pervasive undersupply of rental accommodation in key markets. Glasgow, suffering from a severe shortage of available rental properties, is experiencing this trend sharply, with rental prices reaching record highs across the city.
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.”