Pan-European real estate investor, Europa, has announced the acquisition of a new 342-unit BtR scheme in Glasgow from the Dandara Group.
Located in Glasgow’s West End, Granary Quay, which comprises a mix of studio, one and two-bed apartments and reached practical completion in May 2024, is currently 69% occupied. Overlooking the River Clyde, the building comes equipped with a co-working space and gym, and provides landscaped gardens and communal areas for residents, including a lounge and a house kitchen.
Europa has identified a number of asset management initiatives to build on the asset’s sustainability credentials, including the installation of additional rooftop solar panels, with the aim of targeting a ‘BREEAM Excellent’ accreditation in the longer term. The property will continue to be operated by Dandara Living which will be responsible for the day-to-day management.
Granary Quay is located within Glasgow Harbour on the north bank of the River Clyde, a river-front extension of Glasgow’s West End. The development is a short walk from The University of Glasgow and Partick Station, and The Queen Elizabeth University Hospital, the largest Hospital Campus in Europe, is just a 10-minute bus ride away.
Ed Crockett, head of investment execution at Europa, commented: “Granary Quay is a high-quality BTR asset providing well-located accommodation that is affordable to the mainstream renter in a market which is heavily undersupplied and continues to present viability challenges for new development. This acquisition aligns with our focus on investing where we see an opportunity to stabilise and reduce the risk profile of an asset over the medium term and presents us with the prospect of delivering a strong and highly durable income stream over the coming years. The potential for continued regulatory change has created a barrier to entry for new BTR developments, as such we were pleased to be able to secure this investment.”
Jim Davies, CEO of Dandara Living, commented: “The acquisition of Granary Quay by Europa is further recognition of the growth potential and confidence in the UK’s BTR sector, and Dandara Living’s position as a leading specialist in the delivery and operation of large-scale multifamily schemes. This latest transaction marks another major milestone as we continue to expand our footprint across London, the Southeast and prime regional city centres.”
