LONDON (Alliance News) - Empiric Student Property PLC on Tuesday said it has purchased a development site in Sheffield, with planning permission to build a 63-bed student accommodation development on the site.
The student accommodation operator said it acquired the freehold for the site on Trippet Lane in Sheffield for GBP750,000 excluding fees.
Empiric said the property is located within 100 metres of the University of Sheffield's North Campus. The development of the site will involve the demolition of the existing building and the construction of a seven-storey block housing 50 student apartments, it added.
Empiric said it was in negotiations with a developer on a forward-funded development contract for the site, with a view to the development being completed by August 2017 in time for the 2017/18 academic year.
"On completion of the group's developments, we will own 304 operating beds in Sheffield. The location, being close to our existing sites, will allow us to deliver operational efficiencies once the assets become operational. This acquisition is in line with Empiric's investment criteria and returns profile," said Chief Executive Paul Hadaway.
Shares in Empiric were up 0.2% at 110.00 pence on Tuesday morning.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Empiric (ESP)