Market Leads & Opportunities
Empiric Student Property in £7.15m Edinburgh investment
Student housing firm Empiric Student Property has added to its Scottish portfolio with a £7.15m deal for a site in Edinburgh.The property, at 53-65 South Bridge is made up of five adjoining tenement buildings in the city centre and currently accommodates 71 students.The building is located directly opposite Old College, the original centrepiece of the University of Edinburgh.The property is leased to the University of Edinburgh until March 2020 after which Empiric intends to refurbish it.Earlier this year Empiric announced it is planning a 166-bed student accommodation development in the heart of Edinburgh’s Old Town.The company has acquired land on King’s Stables Road opposite Edinburgh Castle and entered a forward funding agreement for the development for a total commitment of £26.6 million.The company also has student housing developments in Glasgow, Aberdeen and St Andrews.
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