Nottingham Scheme Likely to Be Approved
19th Mar 2019
Empiric Student Property has entered into a forward funded agreement for a 166-bed student development, after acquiring land with planning permission in Edinburgh.
The student property specialists have committed a total of £26.56 million towards the project, with the scheme being valued upon completion. The developer may subsequently be entitled to a further capped payment once completed, depending on the asset's valuation.
The redevelopment of the site will consist of the demolition of existing buildings and the construction of a brand new purpose-built student accommodation block, which will be made up entirely of 166 studios.
The student housing is just one part of a wider development project by Peveril Securities Limited, which also consists of a hotel and 52 residential units. The development is expected to be complete in time for the 2019-20 academic year.
Upon completion Empiric will be marketing and letting the asset through its Hello Student brand, with a show flat being made available in November 2018.
The student property will mark Empiric's second in Edinburgh, taking the company's total portfolio in the city to 254 beds.
The latest development is located opposite Edinburgh castle, with more than half the rooms having views of the World Heritage Site.
The scheme also benefits from close proximity to the Grassmarket area of the city, and is just a 10-minute walk away from the University of Edinburgh's main campus.
Commenting on the acquisition, chief executive Paul Hadaway, said: "We are very pleased to have made this acquisition in the heart of Edinburgh's Old Town. The city contains 49,705 full-time students (latest available HESA data 2015/16) and the university of Edinburgh attracts 38% of its full-time students from international backgrounds. This is a very well-regarded institution benefiting from a particularly strong ratio of 10.5 undergraduate applications to acceptances (6.6 nationally). This acquisition is in line with Empiric's investment criteria and returns profile."
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