8th Aug 2014 17:08
LONDON (Alliance News) - Empiric Student Property PLC Friday said London Cornwall property Partnets Ltd acting on behalf of the company has agreed with Glasgow City Council to acquire the former Willowbank Primary School in a deal worth GBP1.8 million.
London Cornwall is a company controlled by Timothy Attlee and Paul Hadaway, executive directors of Empiric Student Property.
Empiric said it has been agreed that Willowbank will be transferred from LCPP to Empiric Glasgow Ltd shortly after completion of the purchase. London Cornwall will receive no economic benefit from its role in the transaction, the company said.
The Willowbank site will be developed through Empiric, via a 50:50 joint venture arrangement with Revcap Advisors Ltd. The development is targeted to be completed in time for the start of the 2016/2017 academic year.
A planning application will be submitted for the development of a scheme comprising approximately 158 beds in a mix of studio, two and three bed apartments. An agreed overage payment is payable in the event that planning consent is obtained for bedrooms in excess of 158 bedrooms.
Empiric shares closed down 0.9% at 100.00 pence Friday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Empiric