Empiric Student Property is set to acquire a historic Nottingham building
“Investment group Empiric Student Property is set to acquire a historic Nottingham building which is earmarked for student flats.
The freehold of Queen Street building, which was constructed at a cost of £98,000 in the 1800s and is known as The Frontage, will be bought for £18.4m.
A planned redevelopment scheme comprises 162-beds within 152 self-contained single and double studios.
Frontier Estates will undertake the work on the property on behalf of Empiric and is expected to be on-site in September 2015. The student flats are expected to be available for for September 2016, in time for the 2016/17 academic year.
Paul Hadaway, chief executive of Empiric Student Property, said: “”This forward funded development represents the company’s third investment in Nottingham, a city which is home to two universities as well as a number of other higher education institutions.
“”The increased number of beds in the city will enable increased operational efficiencies to be derived from the portfolio as well as moving us closer towards our strategic target of providing 300 to 400 beds in each city or town where we operate. This acquisition is in line with Empiric’s investment criteria and returns profile.””
In July, Insider revealed that the scheme had been given the green light by planners from Nottingham City Council.
The Frontage dates back to the end of the 19th century and was first opened at the city’s General Post Office in 1898. During the World War II, it was used as the regional Air Raid Precaution headquarters …