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Empiric completes acquisition of Willowbank development asset in Glasgow

24th December 2014

Conceptual image to show the plan for Willowbank in Glasgow, which will be complete next year.

ESP announces that planning approval and listed building consent has been received to redevelop the former Willowbank Primary School ("Willowbank") into direct-let premium student accommodation.  The acquisition has been completed and ownership of the property has been transferred to Empiric (Glasgow) Limited.

Planning permission has been received to develop a scheme comprising 178 beds (increased from the 158 beds originally envisaged) in a mix of studio, two and three bed apartments.  The Willowbank development is targeted to be completed in time for the start of the 2016/17 academic year.  As a result of the increased number of beds, the purchase price for the site has increased by £100,000 to £1,925,000.

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The Empiric plc management team has a long track record in the acquisition, development and management of student accommodation assets in the UK.

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