Empiric Student Property to build premium student accomodation in Edinburgh
UK student accommodation owner and operator Empiric Student Property has secured planning permission and entered a forward funded agreement for a 166-bed premium student accommodation development at King's Stables Road in Edinburgh for a funding commitment of £26.56m.
This site will be valued post-completion and the developer is likely to receive an additional capped payment at that time.
Empiric Student Property CEO 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 benefitting 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."
The redevelopment of the site will involve the demolition of the existing buildings and construction of new purpose-built student accommodation, consisting of an all-studio bed scheme with communal facilities.
The property is one part of a wider mixed-use development, which is being constructed by the same developer, Peveril Securities. The mixed-use development comprises a hotel and 52 residential units.
Completion of development of the property is scheduled just in time for the 2019/20 academic year.
Empiric will be responsible for the marketing and letting of the scheme through the Hello Student operating platform.
The site will be Empiric's second location in Edinburgh, taking the total size of its portfolio in the city to 254 beds.
This scheme is located opposite Edinburgh castle and over 50% of the rooms will benefit from views of this World Heritage Site.
The project is also located close to the Grassmarket area of the city, and University of Edinburgh's main campus.