Two international investors have agreed to fund a groundbreaking project to rent hundreds of apartments at a major site in the city center of Glasgow.
The Holland Park project, which will replace the former Strathclyde Police headquarters on Pitt Street with four blocks of 433 rental apartments, will be financed by Apache Capital Partners and the real estate investment management company Harrison Street.
Moda Living, a British investor, developer and operator of rental accommodation, will build and operate the project on a long-term basis.
On-site demolition work has already started.
The investment is the fifth project between Apache Finance, which is funded by NFU Mutual, and Harrison Street in a build-to-rent joint venture.
The Holland Park site was acquired by Apache Capital and Moda Living in October 2016.
Not only will Holland Park build new homes, it will also deliver 15,000 square feet of indoor facilities, including community spaces and ‘health and wellness areas.’