Urbanite has secured €22m for a student accommodations scheme in Glasgow. The Clyde Court development is the third financing agreement of its type between Urbanite Living and the development finance division of Paragon Bank. The c. €22m financing facility follows previous projects in Leeds and Sheffield. This particular development will help to regenerate an important strategic plot" in the city while also delivering much-needed student accommodation.
The project is designed by NW Architects. Clyde Court will offer en-suite accommodation over six stories six storeys. Amenities will include two private dining MasterChef kitchens, two social study rooms, a cinema, a gym, and breakout spaces with pool tables and a cycle store.
Adam Sadler, project director at Urbanite, said: “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 are both sustainable and adaptable for the future whilst also supporting the health and wellbeing of its occupants.”
Simon Dekker, senior relationship manager at Paragon Development Finance, 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 (purpose-built student accommodation) 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.”
