Empiric Student Property to acquire 155 George Street in Glasgow

Empiric student property has announced that it has exchanged contracts, subject to planning, on a forward funded development in Glasgow. The scheme, known as 155 George Street (pictured), is an 89 bed premium student accommodation development. The total investment is £9.6m, which is to be invested in stages against development milestones.

Empiric is to acquire the freehold development, which currently comprises a vacant office building extending over basement, ground and six upper floors. The site is in close proximity to the University of Glasgow, directly opposite Strathclyde University’s main John Anderson campus and will be developed into 87 self-contained studios and one two bed apartment.

KR Developments Ltd will undertake the development of the property on behalf of Empiric and are expected to be on-site in the spring of 2016 with delivery of the scheme scheduled for summer 2017, in time for the 2017/18 academic year. Empiric say that, once all of their properties are complete, this acquisition will increase their presence in Glasgow to 440 beds.

Empiric Student Property to acquire 155 George Street in Glasgow : ESP