Known as the Ard, the project will deliver around 784 student bedrooms across two towers of 36 and 10 storeys on the site of the former tax office.

At 114m high, the tallest block will only be topped in Glasgow by the Science Centre’s Glasgow Tower.

Under the new structure, Maslow Capital will hold a 95% stake in the joint venture, with Watkin Jones retaining 5%.

The deal generates secured revenues of about £115m for Watkin Jones over the three-year construction period, with further returns possible once the £182m scheme is sold after completion in 2028.

A standout feature of the main tower designed by Hawkins Brown, will be a top-floor sky lounge offering panoramic views across the city.

Construction is due to complete in time for the start of the 2028/29 academic year, with Watkin Jones also managing the finished development through its Fresh business.

Watkin Jones’ CEO Alex Pease said: “This transaction represents a significant further step for the group as we seek to diversify our business model and create innovative development funding structures.

“Maslow Capital is an excellent partner for Watkin Jones, and their entry into a joint venture with the group is a great endorsement of our successful track record and extensive experience in residential development and construction.”

The Ard JV is the group’s first partnership with Maslow Capital and has been structured as a related party transaction, with Watkin Jones executives Alex Pease, Simon Jones and George Dyer serving as directors of the JV entity.