Empiric to develop 63 bed student accommodation in Sheffield following £750k acquisition

Empiric Student Property, the owner and operator of student accommodation across the UK, has acquired the freehold of a site on Trippet Lane, Sheffield, with planning permission for a 63 bed student accommodation development, at a cost of £750k.

The site is located in central Sheffield, within 100 metres of the University of Sheffield’s North Campus and within walking distance of the Group’s current developments in Sheffield, Portobello House and Provincial House.

The 63 bed scheme will involve the demolition of the existing building and the development of a seven storey block housing 50 student apartments and associated communal facilities.

Empiric is currently negotiating with a developer on a forward funded development contract for the site, with a view to the development being completed by August 2017, in time for the 2017/18 academic year.

Paul Hadaway, chief executive of Empiric Student Property plc, commented: “This acquisition represents the Company’s third site in Sheffield, a city which is home to two large universities and the 6th biggest student population outside of London.

“On completion of the Group’s developments, we will own 304 operating beds in Sheffield. The location, being close to our existing sites, will allow us to deliver operational efficiencies once the assets become operational. This acquisition is in line with Empiric’s investment criteria and returns profile.”

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