Student accommodation specialist Empiric 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 project will include the demolition of the existing buildings and the construction of new accommodation consisting of an all-studio bed scheme with communal facilities.

The property will be part of a wider mixed-use development being constructed by developer Peveril Securities Limited.

Practical completion of the student scheme is expected in time for the 2019/20 academic year.

Paul Hadaway, chief executive of Empiric Student Property plc, said: “We are very pleased to have made this acquisition in the heart of Edinburgh’s Old Town.

“The city contains 49,705 full-time students and the University of Edinburgh attracts 38% of its full-time students from international backgrounds.”