“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”
– Steve Hallam – Paragon Bank
Paragon Bank’s Development Finance division has provided £22.6 million to support the transformation of a central Glasgow office building into high-quality, purpose-built student accommodation (PBSA).
The scheme, delivered by Union Property Development, will create 140 self-contained studio units, providing 142 beds at 250 St Vincent Street, ready for the 2026/27 academic year.
This deal reflects Paragon’s ongoing commitment to the UK’s growing PBSA sector, having funded around 20 student accommodation developments nationwide, including in Loughborough, Manchester, Cambridge, and Birmingham.
The project, named Glasgow Citi View, involves a full strip-out and refurbishment of a Category B listed former office building, with works already underway. Paragon’s funding refinances the existing building and covers nearly 100% of development costs. An additional 18-month stabilisation loan will support the scheme post-completion to ensure a smooth transition to operational status.
Glasgow Citi View aims to set a new standard for student living in Scotland’s largest city. The scheme targets a high EPC ‘B’ rating and incorporates green features including a building management system with smart controls, energy-efficient M&E installations using air source heat pumps, LED lighting throughout, and 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.
Located in the heart of Glasgow, the development is within walking distance of the University of Strathclyde and Glasgow Caledonian University, as well as retail, dining, and cultural amenities. Residents will have access to a staffed reception, lounge, study and meeting spaces, gym, laundry, parcel room, and a flexible kitchen/dining/games area. The central location offers easy access to public transport, shops, cafes, and the city’s nightlife.
Glasgow hosts around 95,000 full-time students across five main universities, making it a key location for student accommodation in the UK.
Paragon Bank and Union Property have previously collaborated on an 80-bed Travelodge near Newcastle, completed on time and on budget in 2021.
Steve Hallam, senior relationship director at Paragon Bank, 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, commented, “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.”
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