The funding has been secured by Union Property Development to create 140 self-contained studio units, housing 142 beds, at 250 St Vincent Street.

The scheme is targeting a high EPC ‘B’ rating and will incorporate a building management system with smart controls, energy-efficient M&E installations using air source heat pumps and LED lighting throughout. The development will also offer 75 secure cycle spaces.

Each studio is fully self-contained, with a kitchenette, dining space and en-suite shower room. A staffed reception, lounge, study and meeting spaces, gym, laundry, parcel room and a flexible kitchen/dining/games zone will also be included onsite.

Called Glasgow Citi View, the plan is for this site to be ready by the 2026/27 academic year.

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Paragon’s funding package refinances the existing building and covers nearly 100% of development costs. An additional 18-month stabilisation loan will support the scheme post-completion.

This deal was led by Steve Hallam, senior relationship director, and Josh Pedder, senior portfolio manager, at Paragon Bank.

“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,” said Steve.

“Union Property’s track record and collaborative approach make for a valuable partner for Paragon.”

Raj Seghal, director at Union Property, added: “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.”