Urbanite Living has secured a £18.85m finance facility from Paragon Bank’s development finance division to support the construction of its new £33m Clyde Court PBSA scheme in Glasgow.
The development, which was designed by NW Architects, will provide 169 studio bedrooms with on-site amenities including two private dining kitchens, social study rooms, a cinema and a gym.
Simon Dekker, senior relationship manager at Paragon, said: “Clyde Court is set to provide much-needed new purpose-built student accommodation in Glasgow and is the latest agreement in our ongoing commitment to supporting the UK’s growing PBSA sector. It has been a pleasure to further our relationship with Urbanite on this exciting development and I look forward to seeing the benefit it brings to the city.”
Adam Sadler, project director at Urbanite, added: “We are delighted to work once again with Paragon’s development finance team and to start construction on this development. This project will help to regenerate an important strategic plot in the city of Glasgow, whilst delivering much-needed new residential accommodation.
“Glasgow is one of the UK’s top university destinations with education space as well as student applications continuing to increase at a rapid pace. It is also one of the top two cities with the lowest privately-owned purpose-built student accommodation for the 2023/24 academic year. With the number of people studying in Glasgow set to rise to 1.75 million, there are currently nearly four students for every student bed in the city.
“Clyde Court will at least go some way to help alleviate that with uncompromising living spaces that is both sustainable and adaptable for the future whilst also supporting the health and wellbeing of its occupants.”
