BoS backs Kelvin Properties’ £18.8m Glasgow PBSA scheme

Bank of Scotland has provided Kelvin Properties with an £18.8 million debt facility to fund construction of its first purpose-built student accommodation (PBSA) development in Glasgow.

The 134-studio scheme, known as Kelbourne, is located on Queen Margaret Drive in the city’s West End, close to the University of Glasgow. Designed specifically for international and post-graduate students, the development will deliver high-specification, self-contained accommodation alongside a range of shared amenities.

Originally acquired in February 2019, the site secured initial planning consent for a residential scheme in July 2022. Following a review of market demand, a revised application for student accommodation was submitted and approved in June 2024.

Construction commenced in September 2025, with completion targeted for the 2027/28 academic year.

The development is being delivered by main contractor CCG (Scotland) Ltd, with Cooper Cromar acting as architect. Once complete, the scheme will be operated by True Student, continuing Kelvin Properties’ approach of delivering high-specification, stabilised assets for the institutional investment market.

Kelbourne will provide 134 self-contained studios alongside a residents’ gym, media lounge, group study areas and a sky kitchen for private dining. The scheme also includes biodiversity rooftop terraces, a 24-hour managed reception and 67 secure cycle spaces. The landscaped site is positioned within walking distance of local amenities and transport links, offering direct access to bus routes, train and subway stations.

Sustainability credentials form a central component of the project. Kelbourne is set to become the first purpose-built student accommodation scheme in the UK to achieve NextGeneration GOLD status for sustainable development delivery. The accreditation recognises performance across environmental and social criteria, including a commitment to ensuring 100% of materials procured during construction avoid landfill.

The award also reflects the project’s social sustainability measures, with at least 15% of jobs created during delivery comprising graduate roles and apprenticeships.

Bank of Scotland said the funding supports a development that contributes to Scotland’s low-carbon future while meeting sustained demand for high-quality student housing in Glasgow’s West End.

The project marks Kelvin Properties’ entry into the PBSA sector, responding to continued growth in demand from both domestic and international students seeking secure, well-managed accommodation close to university campuses and transport infrastructure.