Luxury brand signs up for Glasgow flats plan
A NEW milestone has been reached in the £100 million Love Loan property development in the heart of Glasgow as it was revealed a luxury accommodation operator has signed up to run a 19-floor serviced apartment block at the site, amid signs of recovery in the business travel market.
Chris Stewart Group, the Scottish real estate developer behind the Love Loan project, has entered into a joint venture with London-based Cheval Collection, which will operate 168 studio and one-bedroom serviced apartments at the building.
The apartments, which will be available for short-term guests and long-term residents, are due to open in early 2024, and will be the first in the world to trade under Cheval’s new MY Locanda brand.
Love Loan is one of the most ambitious property developments currently under way in Glasgow. The project centres on an area close to George Square, enclosed by George Street, John Street, Martha Street and North Frederick Street, and will include a hotel, bars, restaurant and gallery and office space. The hotel, which is under construction now, will have 240 bedrooms and trade under the AC by Marriott brand.
With bars and restaurants opening on to a lane connecting John Street and North Frederick Street, the scheme involves the construction of new buildings and the restoration of older properties. Listed buildings formerly home to the Inland Revenue and Parish Halls will be revitalised.
Excavation work for the apartments, which will be built on the site of the city’s former registry office on Martha Street, has begun.
The Love Loan deal builds on an established relationship between CSG and Cheval, which operates 75 apartments at the Old Town Chambers near the Royal Mile, and 50 at The Edinburgh Grand in St Andrew Square for CSG in the capital. Cheval also runs the Abbey Strand Apartments at Holyrood for the company.
But Love Loan is the first move into Glasgow for Cheval.
Mohammed Almarzooqi, managing director for Cheval Collection, said the apartments would add “huge value to Glasgow… and of course having the Love Lane just right below it is even better.”
The developers say the accommodation will be affordable, and appeal to different tenants, from short-term visitors to the city to longer term residents, such as students or business people who have newly arrived in Glasgow.
It is also hoped the apartments will take advantage of their location close to the University of Strathclyde.
Mr Almarzooqi said Cheval was looking to expand further in Scotland, though its initial focus will be on Glasgow and Edinburgh. “We are also negotiating something else,” he said. “But it is too early [to comment]. Hopefully in the next couple of weeks we should have some sort of headline agreement with the owner of the site. It is a different owner completely.”
He added: “Glasgow is a city that is growing, it is on the right track and we want to invest more in it – either by operating or putting some equity with the right partner.”
Asked if the corporate travel market was showing signs of picking up following the easing of coronavirus restrictions, Mr Almarzooqi said: “I have seen there is more travelling. Of course, Emirates Airlines has started again [flying] to Glasgow. They are not yet [flying to] Edinburgh but I am sure they will do that soon as well.
“That is of course encouraging business travellers, people visiting family and friends and leisure travellers – all of it is equally important.”
Mr Stewart said: “MY Locanda will be a superb addition to our Love Loan development in Glasgow. Its international outlook and design-led approach will attract both short and longterm residents and matches our vision for the development, which will include a range of high-quality, cosmopolitan lifestyle, retail and food and drink brands.
“Having worked successfully with Cheval in Edinburgh, I’m delighted to continue the relationship with this new venture in Glasgow.”