Empiric Student Property makes rare sale – The Board of Empiric Student Property plc says that the group has exchanged contracts to sell the freehold of a site in Forthside Way, Stirling for GBP2.0 million (excluding costs). The disposal is expected to complete on 27 November 2017.
This site was acquired by the group in August 2015, subject to achieving a student accommodation planning approval. The site of approximately 0.30 ha (0.75 acres) has detailed planning permission for a 208 bed student accommodation development granted on appeal in October 2016 following an application by the group.
Paul Hadaway, chief executive of Empiric Student Property plc, commented: “The sale of Forthside Way site follows an operational review. Whilst we will continue to identify opportunities for the development of premium Purpose Built Student Accommodation, our current focus is on building critical mass in our target cities. The Forthside Way site was our only asset in Stirling. The Property has been sold with the benefit of the planning approval obtained by the Group, which has resulted in a substantial uplift in value above the original acquisition price.”
ESP : Empiric Student Property makes rare sale