Empiric Student Property Secures Permission on Edinburgh Development
One of the UK’s owner and operators of student accommodation has secured planning permission for the creation of premium accommodation and have entered into a forward funding agreement of £26.56 million. The development will lead to the creation of a 166-bed accommodation that has been finished to a high standard. The all en-suite project will also feature a collection of communal facilities. It is thought that the site will be valued after all of the work has been completed and, as part of the funding agreement, the developer will receive a capped additional payment.
Empiric Student Property has secured the planning permission and with this new development, will increase their portfolio in Edinburgh to 254 beds. The new development of student accommodation is expected to be finished in time to take on students for the start of the 2019/20 academic year. As part of the project, Empiric will be responsible for the marketing and letting of the scheme which will take place mainly through the Hello Student operating platform.
This development is to take place at King’s Stables Road in Edinburgh and will be a part of a wider project carried out by developer Peveril Securities and will also include a hotel and 52 residential units. The redevelopment of this mixed-use site will include the demolition of the existing buildings in order to create the new student accommodation and the other features of the development.
The new student accommodation will be located close to the Grassmarket area of Edinburgh has will be a ten-minute walk from the University of Edinburgh main campus. The site is also opposite Edinburgh castle, which means that more than 50% of the rooms in the building will have views of the World Heritage Site. The new accommodation will cater to the 49,705 full-time students living and studying at the University of Edinburgh. As part of this figure, 38% of the students attending the university are international, according to the most up to date information on offer from HESA. The acquisition of this project matches with the investment criteria that is used by Empiric and it is thought that the development is also compatible with their returns profile.
