Boosting Glasgow student accommodation supply through Urbanite Living

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  • Finance: £18.5 million
  • Location: Clyde Court, Glasgow
  • Units: 169 units
  • Paragon Deal team: Simon Dekker, Paragon Bank Development Finance Senior Relationship Director and Craig Seaborne, Paragon Bank Portfolio Manager

Urbanite Living secured a £18.85 million finance facility from Paragon Bank’s Development Finance division to support the construction of a new Purpose Built Student Accommodation (PBSA) scheme in Glasgow.

The Clyde Court development provides 169 best-in-class studio bedrooms and is ideally located to serve the University of Glasgow and University of Strathclyde students.

Urbanite specialises in crafting distinctive and tailor-made student communities situated in close proximity to universities. These communities boast state-of-the-art amenities and foster an innovative environment designed to provide students with an exceptional living, working, and fun experience.

The exciting six-storey development is designed by NW Architects, with each unit fitted with an en-suite and high-quality bedroom furniture and kitchen facilities. A significant allocation of amenity space includes two private dining “MasterChef kitchens”, two social study rooms, a cinema, gym, and breakout spaces with pool tables and a cycle store.

The development is the third financing agreement agreed between Paragon and Urbanite, following previously announced PBSA projects in Leeds and Sheffield. The deal was on behalf of Paragon Bank by Senior Relationship Director Simon Dekker, with support from Portfolio Manager Craig Seaborne.

“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.”

 Adam Sadler, Project Director at Urbanite

“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.”

Simon Dekker, Paragon Bank Development Finance Senior Relationship Director

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Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551