Kelvin Properties has secured a £18.8m development facility from Bank of Scotland to fund the construction of a purpose-built student accommodation (PBSA) scheme in Glasgow’s West End.
Designed by Cooper Cromar, the 134-studio development on Queen Margaret Drive is currently under construction, with completion targeted for the start of the 2027/28 academic year.
The site was originally acquired in 2019 with consent for a residential development, but it was repositioned following a review of market demand, amid continued pressure on student housing supply in Glasgow.
Stephen McKechnie, founder of Kelvin Properties, said: “Securing development finance in the current environment reflects confidence in both the project and the wider Glasgow market. This scheme marks an important next step as we expand alongside our established build-to-rent and residential portfolio, and we’re very proud it is already being recognised for its commitment to sustainability.
“We undertook a review of the Glasgow market before repositioning the site and the fundamentals were clear. There is real need for more student housing as student numbers have continued to grow, particularly among the international and postgraduate cohorts, while supply remains constrained in key locations like Glasgow’s West End.”
Graeme Steel, relationship director, Bank of Scotland, real estate and housing, added: “We’re delighted to continue our longstanding relationship with Kelvin Properties through our support of this latest PBSA development in Glasgow. Over the years, we’ve built a strong and positive partnership, and their proven track record and deep understanding of the local market gave us confidence in backing this scheme.
“This project stood out due to the strength of Glasgow’s student demand and the quality of the proposed development, which rightly has received the highest possible accreditation by NextGeneration, and the first PBSA recognised. PBSA remains a resilient and important sector, helping to meet growing demand, support the city’s universities and ease pressure on the wider housing market.”
The development is being delivered by main contractor CCG and will be operated by True Student upon completion.
