Union Property Development has secured £22.6m loan from Paragon Bank to turn a Glasgow city centre office building into student accommodation.
The scheme at 250 St Vincent Street will deliver 140 studio units with 142 beds, aiming for completion before the 2026/27 academic year.
The project, called Glasgow Citi View, involves a full strip-out and refurbishment of a category B listed former office.
Paragon’s funding refinances the building and covers almost all development costs, with an extra 18-month stabilisation loan to support the transition to operational status.
Glasgow Citi View is targeting an Energy Performance Certificate (EPC) ‘B’ rating and will feature a building management system with smart controls, energy-efficient M&E installations using air source heat pumps and LED lighting, and 75 secure cycle spaces.
Each studio will have a kitchenette, dining area and en-suite shower room, with two twin studios for flexibility.
The location is within walking distance of both the University of Strathclyde and Glasgow Caledonian University.
Facilities for residents will include a staffed reception, lounge, study and meeting spaces, gym, laundry, parcel room and a flexible kitchen, dining and games area.
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, 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.”
