Empiric Student Property has announced that it has exchanged contracts to acquire Provincial House, a 107 bed forward funded development in Sheffield, for a total investment of £11m. Empiric is to acquire the freehold to the site, which is located in central Sheffield, immediately next to the University of Sheffield’s north campus. The existing property comprises the vacant and listed Provincial House office building, which extends over five floors, as well as a small two storey building adjacent to Provincial House.
The development will involve the conversion and refurbishment of the entire property into 24 units, together with the construction of three new blocks to provide a further 83 units. Hartshead Provincial Apartments Ltd will undertake the construction of the property on behalf of Empiric. 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. The property is scheduled to be completed in summer 2017, in time for the 2017/18 academic year.
The company say that, once the project is operational, it will mean that, together with Portobello House, the Group will own 241 operating beds in Sheffield. The project should be completed in time for the 2017/18 academic year. They say that the increased number of beds in the city will enable Empiric to derive operational efficiencies from the portfolio, as well as moving them closer towards our strategic target of providing 300 to 400 beds in each city or town where they operate.
Empiric to acquire Provincial House development in Sheffield for £11m : ESP