Empiric Student Property is expanding in Exeter with the acquisition, subject to planning, of a site on Bonhay Road, Exeter, for a price of £2.5m. The site is to be developed into a 139 bed new-build premium student accommodation scheme and a forward funding development agreement is expected to be entered into shortly.
The Group will acquire the freehold of the scheme, which is located a short distance to the University of Exeter, Exeter College and the city centre and opposite Exeter St David’s train station. The scheme comprises the construction of new purpose-built student accommodation built over four storeys and around a communal courtyard area. This acquisition represents the Group’s fourth in Exeter and, once all properties are complete, will take the number of beds owned by the Group in the city to 332.
The property will be developed to Empiric’s specifications and is expected to be completed in time for the 2017/18 academic year.
ESP : Empiric Student property expands in Exeter