2015 has been a big year for Empiric Student Property and it looks like it will end it with a bang. The company, which has spread its influence in the UK student accommodation market considerably this year, has agreed a £9.6 million acquisition of a Glasgow office building.
Empiric have said that they will develop 87 self-contained studios in the building, along with one 2-bed apartment. The building itself is very close to the John Anderson campus of the University of Strathclyde.
For the development itself Empiric have commissioned KR Developments, a Scottish firm, to begin work next spring, with a projected completion date of the start of the 2017/18 academic year.
But their business in the city might not be over. Empiric chief executive Paul Hadaway says of the its future in the city:
"Our IPO strategy was 10,000 beds in five years. We talk about clustering so that we get three or four buildings close to each other, so management almost becomes as efficient as running a big block. The student experience is much more intimate and much more like a boutique hotel. At the moment, with two in the west end and two in the city, it maybe leaves a little bit of headroom if the right opportunity comes along."