Monday, September 27, 2021

Empiric to build new £18.4m student digs

Empiric Student Property has exchanged contracts, subject to planning, on a forward funded development in Nottingham, known as The Frontage, a 162 bed, new build, premium student accommodation scheme, for £18.4m.

The Group will acquire the freehold to the 1980s office conversion, located in the centre of Nottingham within walking distance of Nottingham Trent University. The scheme includes 162 beds within 152 self-contained single and double studios as well as three commercial units at the ground floor level.Frontier Estates will build the development for Empiric, and is expected to be on-site in September 2015.Paul Hadaway, chief executive of Empiric Student Property, said: “This forward funded development represents the Company’s third investment in Nottingham, a city which is home to two universities as well as a number of other higher education institutions. The increased number of beds in the city will enable increased operational efficiencies to be derived from the portfolio as well as moving us closer towards our strategic target of providing 300 to 400 beds in each city or town where we operate. This acquisition is in line with Empiric’s investment criteria and returns profile.”

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