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Empiric Sells Its Only Stirling Asset

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

Empiric Student Property have sold a student accommodation development site in Stirling for £2.0 million.

The student housing specialists have sold the freehold for the Forthside Way site after undertaking an operational review.

Empiric acquired the 0.75-acre site in August 2015 and was granted planning permission for a 208-bed student development in October 2016.

However, the company has now sold the site and expects the sale to complete on November 27.

Commenting on the sale, chief executive Paul Hadaway, said: "The sale of the Forthside Way site follows an operational review.

"Whilst we will continue to identify opportunities for the development of premium purpose-built student accommodation, our current focus is on building critical mass in our target cities. The Forthside Way site was our only asset in Stirling."

The property was sold with planning approval, which according to Mr Hadaway resulted in a substantial uplift in value above the original acquisition price.