19th Aug 2015 06:45
LONDON (Alliance News) - Empiric Student Property PLC on Wednesday said it has exchanged contracts on a forward-funded development in Nottingham for a total investment of GBP18.4 million.
The property developer will buy the freehold on The Frontage, a 1980s office conversion located in the centre of Nottingham within walking distance of Nottingham Trent University.
The scheme comprises 162 beds in 152 self-contained units, along with three commercial units on the ground floor.
The student element of the property is expected to be delivered by September 2016, in time for the 2016/17 academic year, with the retail element of the property to be completed by September this year.
"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," said Chief Executive Paul Hadaway.
By Sam Unsted; [email protected]; @SamUAtAlliance
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