Empiric Student Property has acquired the freehold to a 134 bed new-build premium student accommodation scheme, in Sheffield, for £10.7m. Portobello House, as the development is known, is located in the heart of the University of Sheffield campus and within a 10 minute walk to the city centre and Sheffield Hallam University. The scheme comprises a mix of studios and 2-bed self-contained apartments, together with student communal space. GHL (Portobello Road) Limited, a joint venture between Visage Properties Limited and Galliard Homes Limited, will undertake the construction of the property on behalf of Empiric, with completion scheduled for July 2016, in time for the 2016/17 academic year. The full amount required for the development will be invested in stages against development milestones. The Company will receive an income return from the developer on funds invested during the development period.
Empiric Student Property acquires new build scheme in Sheffield for £10.7m : ESP