Paragon Bank has provided a £22.6 million development finance facility to transform a Glasgow city centre office building into purpose-built student accommodation.
The project, led by Union Property Development, will convert the former offices at 250 St Vincent Street into 140 self-contained studios, creating 142 student beds in time for the 2026/27 academic year.
The scheme, known as Glasgow Citi View, will deliver modern studio units, each with its own kitchenette, dining area and en-suite shower room. Residents will also have access to a staffed reception, study and social spaces, a gym, laundry, parcel room and communal kitchen and games zone.
The Category B listed property is undergoing a full strip-out and refurbishment. Paragon’s funding refinances the existing building and provides almost 100% of development costs, alongside an 18-month stabilisation loan to support operations once construction completes.
Union Property is targeting a high EPC ‘B’ rating for the conversion, supported by a range of sustainable features such as air source heat pumps, LED lighting, and smart building management systems. Seventy-five secure cycle spaces will also be provided.
The site’s location offers easy access to both the University of Strathclyde and Glasgow Caledonian University, as well as the city’s shops, restaurants and nightlife.
Glasgow has one of the UK’s largest student populations, with around 95,000 full-time students across its five universities.
The latest deal adds to Paragon’s growing portfolio in the purpose-built student accommodation (PBSA) sector, with around 20 similar developments funded nationwide, including projects in Loughborough, Manchester, Cambridge and Birmingham.
The bank and developer have previously worked together on an 80-bed Travelodge near Newcastle, which 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, added: “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.”
