McAleer & Rushe Property (MRP) has secured a £58m development facility from Puma Property Finance for a new 432-bed purpose-built student accommodation (PBSA) scheme in Glasgow city centre called Broadway Studios.
Construction will be delivered by McAleer & Rushe Contracts, with completion due in August 2026.
Prestige Student Living will operate the building for the 2026/27 academic year.
Broadway Studios will be the first student scheme in Glasgow to fully meet the city’s new PBSA spatial standards.
The project targets BREEAM Excellent and an energy performance certificate (EPC) rating of A, aiming to exceed Glasgow City Council’s energy efficiency requirements by 20%.
The building is designed to surpass the city’s 20% renewable energy target, featuring air-source heat pumps and high-performance materials for long-term efficiency.
The development complies with Scottish building regulations and has also been aligned with the principles of the new English Building Safety Act to future-proof the asset.
Broadway Studios is aiming for WiredScore Platinum for digital infrastructure.
Residents will have access to shared amenities including a rooftop sky lounge, fitness suite, cinema, gym, private dining, and games facilities.
Shane McBride, development director at MRP, said: “Broadway Studios exemplifies MRP’s strategy of delivering high-quality, operationally resilient PBSA in undersupplied university cities.
“Glasgow’s student market continues to face a structural shortage of accommodation, and this development responds directly to that demand with a future-proofed asset underpinned by strong ESG credentials.
“Our decision to retain and operate the building to stabilisation reflects our confidence in both the long-term fundamentals of the PBSA sector and Glasgow’s position as a world-class education hub.”
McBride added: “We are delighted to be working with Puma Property Finance on this flagship scheme and look forward to building on this partnership as we continue to expand our PBSA platform.”
Kevin Davidson, managing director at Puma Property Finance, said: “Having historically funded successful developments with McAleer & Rushe as main contractor and built a wider relationship with the group, we at Puma Property Finance are delighted to be providing our first financing to MRP.
“Broadway Studios not only reinforces our commitment to backing schemes committed to ESG excellence but also sets the benchmark for modern PBSA developments.
“We look forward to working with the excellent team at MRP to see the scheme reach its completion in time for the 26/27 academic year and further developing our important partnership to support the growth of their PBSA platform.”
Davidson added: “We continue to have a strong appetite for lending in Scotland and supporting the PBSA market.”
Shane McCullagh, director at MRP, said: “We’re delighted to be entrusted as Construction Partner to deliver this landmark PBSA scheme in Glasgow for MRP.
“Broadways Studios not only serves as an excellent addition to our growing portfolio of prominent student developments across the UK, but also strengthens our strong pipeline of ongoing large-scale projects across Scotland’s central belt.
“With the strength of our experienced teams and trusted partners, we look forward to delivering safe, sustainable student homes that will make a lasting contribution to the city.”
