A former office building in Glasgow is set to be converted into a 288-bed purpose-built student accommodation scheme. The project has secured a £35.5m development loan from Atelier, provided to MCR Property Group.
The 16-month facility will fund the conversion into 163 studio apartments and 125 cluster rooms. The development will also feature a cinema, gym, and shared spaces for studying and socialising. Flow Student, MCR's dedicated PBSA operator, will manage the property upon completion.
The scheme is located within a 15-minute walk of the University of Strathclyde, Glasgow Caledonian University, and City of Glasgow College. The University of Glasgow is also accessible via a short subway journey.
This development aims to address a significant student accommodation shortage in Glasgow. According to BNP Paribas, Glasgow has the UK's highest student-to-bed ratio at 3.8:1, compared to the national average of 2.7:1, with an estimated shortfall of around 18,000 beds.