Empiric Student Property (Empiric) has announced that it has entered into a forward funding arrangement, with Linford CZero Ltd, to develop a 185 bedroom scheme, The Emporium, in central Birmingham for a total investment of £19.53m. The scheme is expected to be delivered in spring 2018, in time for the 2018/19 academic year and is to be marketed and managed through Empiric’s Hello Student® operating platform. This acquisition represents Empiric’s third investment in Birmingham and, once complete, Empiric say that it will take the number of beds owned in the city to 368.
The scheme comprises the redevelopment of a complex of Grade II listed buildings and construction of a contemporary new 15 storey tower. Once completed, Empiric says that the premium student accommodation scheme will include a mix of studios, duplex apartments and one, two and three bedroom apartments with communal spaces including a gym, cinema, library, games and work rooms, laundry facilities and a garden terrace on the third floor. In addition, there are three ground and basement level commercial units which have consent for food and drink outlets and will be retained by the developer on a long leasehold basis.
The Emporium is located in central Birmingham, immediately adjacent to the new city centre campus of Birmingham City University and on the edge of the new Eastside City Park. Aston University and Birmingham Metropolitan College are both under 5 minutes’ walk from the property which is also within easy walking distance of the Bullring shopping centre and Birmingham New Street train station. Empiric says that its two existing Birmingham properties have a strong lettings history.
Linford CZero Ltd, which is also undertaking Empiric’s Welsh Baptist Chapel development in Manchester, will be responsible for the development of The Emporium. Empiric says that the full amount required for the development will be invested in stages against development milestones.
Empiric Student Property to forward fund ‘The Emporium’ scheme, Birmingham, for £19.53m :ESP