New Acquisition in Nottingham
21st August 2015
Empiric Student Property plc is pleased to announce that the Group 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.
The Group will acquire the freehold to this 1980s office conversion, behind an attractive Grade II* listed façade, which is located in the centre of Nottingham within walking distance of Nottingham Trent University and the city's retail and leisure attractions. The scheme comprises 162 beds within 152 self-contained single and double studios as well as three commercial units at the ground floor level which are let to good covenant restaurant tenants. The acquisition will increase the Group's presence in Nottingham to a total of 337 beds.
Frontier Estates will undertake the construction of the property on behalf of Empiric, to the Company's specifications and are expected to be on-site in September 2015.
The student element of the property is expected to be delivered for September 2016, in time for the 2016/17 academic year with the retail element of the property expected to be completed in September 2015.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"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."
Questions? Get in touch using the contact details below.
Questions? Get in touch.
Empiric Head Office
Empiric Student Property plc
1st Floor, 72 Borough High Street London, SE1 1XF
+44 (0)20 3828 8700
+44 (0)20 7379 5151
Stuart Klein/Tom Yeadon
Jefferies International Limited
020 7029 8000
Charlie Foster / Marcus Jackson
RBC Europe Limited (trading as RBC Capital Markets)
020 7653 4000