Mac Mic Group expands PRS portfolio with the purchase of refurbished Luxury B-listed apartment building off George Square
Mac Mic Group have completed the purchase of a £4.25m rental property scheme at Love Loan, a new neighbourhood development just off George Square in Glasgow’s city centre. The development of 12 one to four-bedroom furnished apartments within the refurbished B-listed building will be offered for rent, with lettings handled by DJ Alexander.
Bordered by George Street, John Street, Martha Street and North Frederick Street, the site was previously home to the HM Revenue & Customs tax office and the Register’s Office on Martha Street. The vacant buildings have since been redeveloped and form part of the Love Loan neighbourhood, which has been designed with Glasgow’s hospitality and vibrant social scene in mind.
As well as restoring the buildings, the Chris Stewart Group have created a new lane running parallel to George Street. In addition to housing, restaurants, bars and shops, Love Loan includes a 245-bed Marriott hotel, 168 MYLocanda serviced apartments, Flight Club and Soho House private members club.
The development’s name derives from the history of the area. Back in the 1800s the original Love Loan was a narrow lane that ran diagonally from John Street to the top of north Frederick Street. The neighbourhood was home to a diverse group of residents including chairmakers, glue merchants, shopkeepers, coal dealers and cotton manufacturers. It also became the site of the Singer sewing machine company’s first manufacturing facility outside the USA, when in 1867 it took premises in John Street.
Speaking of the new development, Andrew Mickel, Mac Mic Group director said:
“We are excited to see this ambitious and transformative new development come to fruition at Love Loan.
This prestigious new neighbourhood will create a buzz and energy, revitalising this area of the City Centre.
The restoration of key original design features and the contemporary reimagining of the spaces within 280 George Street by Hoskins Architects, has resulted in 12 exceptional apartments bringing a new level of luxury modern living to a historic part of Glasgow.”
Following the sale of the company’s homebuilding division in June 2022 to Springfield Properties Plc, Mac Mic Group has focused on its future investment strategy- enhancing its private rented sector portfolio, expanding its strategic land ambitions and pursuing joint venture development opportunities across the UK.
