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UK: Paragon Bank’s development finance division has provided a £22.6 million finance facility to support the transformation of a prominent Glasgow city centre office building into purpose-built student accommodation (PBSA).
The scheme, to be delivered by Union Property Development, will create 140 self-contained studio units at 250 St Vincent Street, ready for the 2026/27 academic year.
The project, named Glasgow Citi View, will see Union Property conduct a comprehensive strip-out and refurbishment of a Category B listed former office building, and works are already underway.
Paragon’s funding package refinances the existing building and covers nearly 100 per cent of development costs. An additional 18-month stabilisation loan will support the scheme post-completion, ensuring a smooth transition to operational status.
Glasgow Citi View is targeting an EPC ‘B’ rating and incorporates a range of green features including a state-of-the-art building management system with smart controls, energy-efficient M&E installations using air source heat pumps and LED lighting throughout. The development also offers 75 secure cycle spaces.
Each studio is fully self-contained, with a kitchenette, dining space and en-suite shower room. Two twin studios provide additional flexibility, bringing the total bed count to 142.
The scheme is within walking distance of both the University of Strathclyde and Glasgow Caledonian University, as well as the city’s vibrant retail, dining and cultural amenities. Residents will benefit from a staffed reception, lounge, study and meeting spaces, gym, laundry, parcel room and a flexible kitchen/dining/games zone.
Glasgow has a full-time student population in the region of 95,000 across the city’s five main universities.
Paragon Bank and Union Property have previously partnered on the delivery of an 80-bed Travelodge hotel near Newcastle, completed on time and on budget in 2021.
This latest deal was led by Steve Hallam, senior relationship director, and Josh Pedder, senior portfolio manager, at Paragon Bank.
Hallam said: “We’re thrilled to support Union Property on this landmark Glasgow project. Our funding will help deliver much-needed, quality student accommodation in a prime city centre location, supporting both the regeneration of the area and giving a boost to its thriving university community. Union Property’s track record and collaborative approach make for a valuable partner for Paragon.”
Raj Sehgal, director at Union Property, said: “We’re really excited about this latest development. Thanks to Paragon’s flexible funding and sector expertise, we’re breathing new life into a historic building whilst creating a vibrant, supportive and comfortable environment for students. We look forward to welcoming our first residents in September 2026.”
Paragon has now funded around 20 student accommodation developments nationwide to date, including major university hotspots such as Loughborough, Manchester, Cambridge and Birmingham.
Highlights:
• Paragon Bank has provided a £22.6 million finance facility to support the transformation of a Glasgow city centre office building into PBSA
• The scheme, to be delivered by Union Property Development, will create 140 self-contained studio units at 250 St Vincent Street, ready for the 2026/27 academic year
• Paragon has now funded around 20 student accommodation developments nationwide to date, including major university hotspots such as Loughborough, Manchester, Cambridge and Birmingham
