Empiric Student Property to forward fund Europa House development in Portsmouth

Empiric Student Property has announced that it has acquired a site, on a 199 year lease, and entered into a forward funding arrangement in relation to a development in Portsmouth, known as Europa House (pictured). The company say that the project comprises a 242 bed redevelopment to create a new premium student accommodation scheme, for a total investment of £21.25m. The existing building is located in central Portsmouth, equidistant between the University of Portsmouth and the Gunwharf Quays shopping and leisure centre. The property, which was previously offices, comprises a 12 storey office block and a three storey annex, all of which will be converted to student accommodation in the form of studios and two, three and four bed apartments. The company says that Stuart Properties Ltd will be responsible for the development and that the full amount will be invested in stages against development milestones. This acquisition is the Group’s second in Portsmouth and, once complete, will take the number of beds owned by the Group in the city to 283, all of which will be managed through the Hello Student® operating platform. The development is expected to be delivered for summer 2017, in time for the 2017/18 academic year.

Empiric Student Property to forward fund Europa House development in Portsmouth : ESP