Landmark Newcastle building sold in £7.5m student apartment deal
Metrovick House in Newcastle which has been snapped up by student property firm Empiric
A student property firm has acquired a 1930s office block in Newcastle city centre in a deal worth £7.5m.
Empiric Student Property plc and property development company S Harrison Developments Ltd have agreed terms for the sale of Metrovick House, on Northumberland Road.
Empiric acquires the freehold of the historic former office block when S Harrison completes a programme to convert the property into student studio apartments.
This marks Empiric’s second acquisition in Newcastle, following on from its £11m purchase of luxury student housing on Claremont Road, which was developed by Ziggurat Student Living. It takes its total of student units in the city to 151.
York property and development company S Harrison acquired the building in July and appointed Gateshead-based Tolent Construction as main contractor.
The project is due to be handed over to Empiric ahead of the 2016 academic year.
The firm said Metrovick House represents a prime property just 300 metres from Northumbria University library and within easy walking distance of the city’s two universities.
The six storey office building has been largely unoccupied until recently, but the upper floors are now being turned into 63 self-contained studio apartments, set above the ground floor and basement which has retail units.
Paul Hadaway, chief executive of Empiric Student Property plc said: “This acquisition represents our second acquisition in Newcastle, an exciting student city with two popular universities …