29th Jun 2015 07:22
LONDON (Alliance News) - Empiric Student Property PLC on Monday said it has conditionally exchanged contracts on the freehold of a development site in Durham for GBP1.2 million.
The Framwellgate scheme is set to house a 131-bed student accommodation development and the acquisition is subject to planning permission being secured. Empiric expects the deal to complete in February 2016.
On receipt of planning permission, Empiric will carry out the development directly and is targeting completion in time for the 2017/18 academic year.
"Demand for student accommodation in Durham remains high and Framwellgate has an ideal central location," said Chief Executive Paul Hadaway.
Shares in Empiric were down 0.4% to 107.825 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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