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£205m waterside neighbourhood to rise at Lancefield Quay

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December 16 2021

£205m waterside neighbourhood to rise at Lancefield Quay

Updated plans for Glasgow's Lancefield Quay have been filed by Moda Living to deliver 780 build to rent homes in a £205m 'urban village' following an initial public consultation back in February.

Backed by property development and investment firms Osborne + Co and MRP (a division of McAleer & Rushe), the joint venture will transform a prominent waterfront plot that has lain vacant since 2007.

Outline plans by Keppie Design call for a series of public squares to open up river views on the four-acre site, transforming the brownfield site into a waterfront community.

Stephen Surphlis, MRP managing director, said: “We are excited about the impact that this development can have on the regeneration of an historic and important area of Glasgow, supporting a vibrant city centre community. The community consultation provided us with valuable feedback, with more than 90 per cent of people in support of the residential offering and agreeing that Glasgow needs new homes. The creation of well designed, well crafted and sustainable homes is high on the council’s agenda and the Lancefield Quay site is ideally located to provide a thriving build-to-rent development which will fit in perfectly with the fabric of the area.”

Conor Osborne, director and founder of Osborne+Co, added: “We have taken a strategic approach to these initial proposals and worked hard to ensure they align with Glasgow City Council’s wider regeneration ambitions to open up the waterfront and create a vibrant new location within the city. Moda’s involvement in the site will help us realise this ambition to create a single fully integrated development and we are looking forward to continued discussion with the council.”

Moda is well advanced in the delivery of 425 build to rent homes on Pitt Street in Glasgow city centre. 

A central square will have open aspects toward Anderston Quay
A central square will have open aspects toward Anderston Quay
The four-acre plot has lain vacant since 2007
The four-acre plot has lain vacant since 2007

13 Comments

Spike
#1 Posted by Spike on 16 Dec 2021 at 10:54 AM
Great to see this progress being made
Fat Bloke on Tour
#2 Posted by Fat Bloke on Tour on 16 Dec 2021 at 12:19 PM
How to judge the vitality / economic health of a city -- look at the rent levels for MODA / similar BTR developments?

They must be getting a lot of interest at a good rent for their first development to make the jump so quickly on a second development of this scale.

Average rent -- £1.500 for a two bed flat / 5% rate of return with inflation on your side?

Interesting.

Surprised that they haven't went for height.
One way of generating a rent premium.
Gordon
#3 Posted by Gordon on 16 Dec 2021 at 13:25 PM
so....for much less money you can buy a genuinely spacious Glasgow flat in a well established community and enjoy an appreciating asset. Who is it that thinks it's a great idea to continually pour hard earned cash into the pockets of the ultimate capitalists....BTR developers?
Fat Bloke on Tour
#4 Posted by Fat Bloke on Tour on 16 Dec 2021 at 14:47 PM
Might be a generational thing but the young team seem to have picked up the vibe for some sort of communal living at uni and are now trying to live their 20's / 30's in a similar manner.

Bigger spaces / more privacy but still more connected than their parents generation -- apart from the squatters who seemed to be a mix of distressed gentlefolk down on their luck or chancers not willing to pay their fair share.

I think CoViD19 is playing a part -- retail is dying and property companies need a new outlet for their funds.

Not sure what the base rate of return is in all of this -- 3% / 5% / 7%?

Retail was 5-6% back in the day?

Is house ownership sustainable in a world where most things are rented?

House ownership / going out of fashion -- poundland gentry trying to live their life like the pages of Tatler and Vogue?

Not sure.
Wonky
#5 Posted by Wonky on 16 Dec 2021 at 17:51 PM
Maybe its more simple than that: who can afford a 10/20% deposit on a property in a decent area these days? If no help from bank of maw and pa then you're largely snookered- unless of course you can embrace a semi-monastic frugal existence for ten years and miss out on your wild days of youth...people want a house but they also want to live/we're all conditioned in some way or another by the hedonic treadmill
Many
#6 Posted by Many on 16 Dec 2021 at 19:15 PM
Properties have been going for 10% to 15% over home report values, which needs to provided up front and can't be paid on a mortgage.

A lot of people just can't afford to pay much over a home report so can't buy, they have to rent.
Gordon
#7 Posted by Gordon on 16 Dec 2021 at 19:20 PM
#5 in 20 years time the bank of maw and pa will be but a ghost of a memory as everyone will have given their capital to the fat cats. Saving for for a deposit on a place of your own, for your family's future, is of course impossible if you get suckered into polishing the lives of the BTR mob.
E=mc2
#8 Posted by E=mc2 on 17 Dec 2021 at 00:18 AM
How crap is the Cooper Cromar Lancefield Quay scheme looking now because it's weathering appallingly and not detailed properly. Each phase distinctive by the bleakness of the render
George
#9 Posted by George on 20 Dec 2021 at 15:33 PM
#2 - likewise surprised at the lack of height and also agree with #8 that render in west of Scotland looks crap after 6 months, lets please start using better longlasting materials.
E=mc2
#10 Posted by E=mc2 on 23 Dec 2021 at 13:30 PM
Shame the top floor flats facing the river will be compromised internally by the deep reveals and large overhang.
E=mc2
#11 Posted by E=mc2 on 23 Dec 2021 at 13:32 PM
Also, a shame they haven't settled on a coherent architectural language. Bit of random fenestration, bit overly rational, bit of warehouse aesthetic. Something for everyone.
John Rae
#12 Posted by John Rae on 24 Dec 2021 at 15:35 PM
I love a deep reveal. Deeper the better.
Aaron
#13 Posted by Aaron on 3 Jan 2022 at 11:51 AM
I just wish there was a bit more height however this is very much a welcome addition in that site which laid derelict for god knows how long.

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