Summary:
- Union Property Development secured a £22.6 million loan from Paragon Bank to convert a Category B listed office building at 250 St Vincent Street, Glasgow, into a 140-unit purpose-built student accommodation (PBSA) scheme, scheduled for completion by the 2026/27 academic year.
- The redevelopment involves a full strip-out and refurbishment of the former office building, with works already underway; Paragon’s funding covers nearly 100% of development costs and includes an 18-month stabilisation loan to support post-completion operations.
- Paragon Bank highlights the project’s role in delivering quality student housing in a prime city centre location, contributing to Glasgow’s urban regeneration and supporting the local university community, while Union Property emphasizes the creation of a vibrant living environment within a historic structure.
Original article:
https://benews.co.uk/union-property-secures-22-6m-loan-to-deliver-glasgow-office-to-pbsa-scheme/
