Shoosmiths advises Chris Stewart Group on nearly £60m sale of Glasgow PBSA scheme

Shoosmiths has advised Chris Stewart Group on the sale of Martha Street Apartments, a 20-storey purpose-built student accommodation (PBSA) tower in Glasgow city centre, in a deal worth almost £60m.

The 275-bed development was acquired by US investor Harbert Management Corporation, with Abodus Student Living appointed as operational partner. Designed by Hoskins Architects, the building blends contemporary architecture, resident amenities, and strong sustainability credentials.

The deal marks the final phase of Chris Stewart Group’s £120m Love Loan regeneration project, which has transformed a key area off George Square. The wider scheme includes an AC Hotel by Marriott, Flight Club, residential, leisure and office spaces, and a newly created pedestrianised lane.

Chris Stewart, CEO at Chris Stewart Group, said:

“Martha Street Apartments demonstrates our commitment to creating vibrant, future-ready urban spaces. This development addresses the demand for high-quality student accommodation in Glasgow and raises the bar for sustainable design and placemaking. Shoosmiths’ support, paired with its deep knowledge of the PBSA sector, was key to the successful completion of this deal.”

Shoosmiths’ real estate partners Lauren Miller and Barry McKeown led on the transaction, advising on all aspects of the disposal – from negotiating the development agreement to comprehensive due diligence. The team also supported on the property management agreement with Abodus Student Living and a grant agreement with Glasgow City Council for public realm funding.

Lauren Miller, real estate partner at Shoosmiths, added:

“This deal is a significant milestone for Glasgow’s city centre and its student accommodation market. Martha Street Apartments is a landmark development and part of a wider regeneration story that we’re thrilled to have helped Chris Stewart Group realise.”

Barry McKeown, head of real estate Scotland at Shoosmiths, commented:

“We were delighted to bring Shoosmiths’ experience in the PBSA market and work collaboratively with all parties to successfully complete one of the largest real estate transactions in Glasgow during the quarter.”