Latest news with #VitaGroup
Glasgow Times
6 days ago
- General
- Glasgow Times
Pictures show how new plan for Glasgow's O2 ABC will look
However, locals have called the plan 'detrimental', saying it will 'wipe out' views of historic buildings. The plan, submitted by Vita Group, the site owners, shows a mixed-use student accommodation and hospitality site. A concerned local, Christopher Bowen, has created a render of the plans to show how the proposed development would look. Heritage organisations have criticised the plan, saying it will 'overshadow everything on the street'. The site has recently been branded an 'eyesore' by locals (Image: Colin Mearns) READ MORE: Here's what could replace Glasgow's O2 ABC as plan submitted Chair of The Alexander Thomson Society, Dominic d'Angelo, said: "The current proposal is substantially larger in height and therefore in volume than the proposal that was rejected eight years ago by the council on the grounds that it was too big." "The new proposal completely overshadows the historic buildings in the area. "The size of the building right next door to Alexander Greek Thomson's Grecian Chambers, which are currently largely occupied by the Centre for Contemporary Arts, is a big concern. "It also completely hides the back of the Mackintosh School of Art, which is currently visible, even though shrouded in scaffolding, from the south." Over eight floors - including a basement - House of Social would include student accommodation, as well as a food hall, a public courtyard, a bar, a gym and more. Pictures show how new plan for Glasgow's O2 ABC will look (Image: Christopher Bowen) A new guide launched by Glasgow City Council this week has identified areas in Glasgow suitable for skyscraper development. The Tall Buildings Design Guide outlines regions like Charing Cross, Anderston Quay, Trongate, and Cowcaddens as potential sites for taller structures. READ MORE: Historic Glasgow venue is an 'eyesore' say furious locals The O2 ABC site is outside of these areas, and while the plan doesn't qualify as a skyscraper, Dominic says the proposed height is too high. He said: "The council risks completely breaking up the scale of buildings along Sauchiehall Street. "Building huge blocks of buildings in the middle of the street actually just starts to overshadow everything on the street frontage. "The proposal that was rejected eight years ago by the council on the grounds that it was too big." (Image: Christopher Bowen) "It's inappropriate to the nature of the street, and it's overscaled. It's unnecessarily large and detrimental to the overall impact of the street. "Shops don't like operating in darkness, people won't want to sit on the new benches and areas that have had so much money spent on them if they're always in the shadows. "It also wipes out any view from the south of the School of Art, meaning that views from, say, Blythswood Square, looking north across the city past the School of art, would be lost." READ MORE: I was given a tour of Sauchiehall Street by the council team who redesigned it The proposal includes a 'back garden' between the new building and the School of Art, but Dominic, who lives across the street, says this isn't a replacement for obscuring the view. He said: "Visitors would stand at basement level and look, craning their necks up to the back of the building, which was never intended by Mackintosh to be seen from that vista. "It's false to claim that it's a cultural advantage. It would make much more sense if any viewing platform were at a higher level so they could appreciate the upper reaches." The O2 ABC in Sauchiehall Street when it was still open (Image: Archive) The Glasgow Times previously reported that locals branded the historic Glasgow music venue an 'eyesore'. The half-demolished O2 ABC site has been dormant for months after initial demolition works were completed at the end of last year.
Associated Press
29-04-2025
- Business
- Associated Press
Eldridge Real Estate Credit Secures Loan for 591-Bed Purpose-Built Student Scheme in Glasgow
LONDON--(BUSINESS WIRE)--Apr 29, 2025-- Eldridge Real Estate Credit today announced the provision of around £100m debt facilities to Vita Group for the development and construction of a 591-unit purpose-built student accommodation ('PBSA') scheme in Glasgow, United Kingdom. Eldridge Real Estate Credit is a leading investor in real estate credit opportunities throughout the US, UK, and Europe, including construction, bridge, and special situation opportunities across the capital structure. This project marks the team's ninth financing transaction with Vita Group, bringing its total support to nearly £1 billion (including current and redeemed facilities) across the delivery of nearly 7,000 student housing units. 'The UK has gained nearly half a million full-time students since 2012, and today there is only enough student housing for approximately 50% of them. This development, and our continued partnership with Vita, takes a meaningful step toward addressing the pressing need for high-quality student accommodation, and furthers our commitment to this rapidly growing marketplace,' said John Cole, Global Head of Real Estate Credit, Eldridge Capital Management. The scheme, located on India Street, is just northwest of Glasgow city centre with the University of Glasgow and Glasgow Caledonian University reachable within 30 minutes. Residents will also enjoy quick access to transport links including the Glasgow Central railway station and the Glasgow Subway, as well as entertainment found along Sauchiehall Street. 'With a location perfectly situated between leading universities, this project marks a continuation of our investment in Glasgow and aims to alleviate some of the pressures felt across the city as a result of Glasgow's growing population. We remain focused on creating vibrant living and learning communities for students that enable them to thrive during this exciting period in their life,' added Pete Shipley, Finance Director, Vita Group. The 18-storey development will feature 591 studio apartments, ranging from 18sqm to 29 sqm. Among the high-quality amenities included in the building are a fully equipped kitchens, a fitness centre, a cinema and game room, as well as dedicated study spaces and high-speed internet, ensuring a best-in-class living experience for residents. Vita Group's tailored services will also enhance the offering, providing a social events calendar, contents insurance, concierge services, career tools, and fortnightly room cleaning. Construction is expected to be completed in July 2027, with McAleer & Rushe serving as developer and contractor. About Eldridge Capital Management Eldridge Capital Management is a leading alternative investment firm with $72 billion in assets under management. The firm focuses on four investment strategies – diversified credit, GP solutions, real estate credit, and sports & entertainment. Headquartered in New York, Eldridge Capital Management has offices in Atlanta, Beverly Hills, Chicago, Dallas, Greenwich, London, and Singapore. To learn more, please visit Eldridge Real Estate Credit is the brand name for the real estate credit team at Cain International ('Cain') that is being integrated into Eldridge Capital Management. Cain is a privately held investment firm focused on real estate and business opportunities that shape the fabric of global gateway cities. Cain is a partnership between its CEO, Jonathan Goldstein and Eldridge Industries. Cain currently manages over $17 billion in assets through its real estate equity, real estate credit, and private equity platforms. About Vita Vita Group is dedicated to creating environments where people can thrive. Founded in 2012, Vita began with a mission to reinvent student accommodation. Since then, it has become the most recommended student housing provider in the UK and Spain, evolving to deliver four unique living brands—Vita Student, Uhaus, Union and House of Social. The four brands span 28 locations in 13 cities and through these locations, Vita serves a diverse community of residents from over 100 countries. View source version on CONTACT: Media Carleton English,[email protected] KEYWORD: UNITED KINGDOM EUROPE INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY FINANCE OTHER EDUCATION BANKING PROFESSIONAL SERVICES UNIVERSITY EDUCATION RESIDENTIAL BUILDING & REAL ESTATE SOURCE: Eldridge Real Estate Credit Copyright Business Wire 2025. PUB: 04/29/2025 04:30 AM/DISC: 04/29/2025 04:29 AM
