In Newcastle Empiric Student Property will acquire on practical completion the freehold of a turnkey student accommodation and retail scheme, Metrovick House (pictured), in central Newcastle for £7.4m (excluding costs).
The property, which is the Group’s second acquisition in Newcastle, is located in the city centre with excellent transport links and is walking distance from the City’s two universities, with the Northumbria University library located 300 metres from the property.
The existing property comprises two floors of retail space and six floors of vacant offices. The upper floors will be converted to student accommodation with retail units to be arranged over the ground and basement floors. When complete, the student accommodation element of the scheme will comprise 63 high specification, self-contained studio apartments, with communal facilities and will increase the Group’s presence in Newcastle to 151 beds.
The property is currently owned by the developer, S Harrison Developments Limited, and is expected to be operational by May 2016, in time for the 2016/17 academic year.
In Glasgow they are paying another £7.4m to buy the long leasehold of a property which comprises the conversion of an office block into a high quality turnkey student accommodation scheme on Bath Street (no. 333), in Glasgow. The property is currently owned and is being developed by Maven Capital Limited and practical completion is expected later in September 2015, in time for the start of the academic year.
The property is being developed to a high specification and comprises 70 self-contained studios of varying sizes, with excellent communal facilities and amenity space. Located halfway between Glasgow’s West End and Glasgow city centre, it is very well positioned providing convenient access to all three of Glasgow’s main universities as well as the city’s retail and entertainment centre. In addition to the University of Glasgow in the West End, Glasgow is home to the University of Strathclyde and Glasgow Caledonian University, all of which are approximately a 10 minute commute from the property. Empiric will benefit from a 100% rental guarantee from the developer for the 2015/16 academic year
ESP : Empiric buys in Newcastle and Glasgow