The full site, off Forthside Way, has planning consent for 214 residential apartments and it is likely that the balance of the site will be developed as a residential scheme with the opportunity to share infrastructure costs.

Paul Hadaway, chief executive of Empiric Student Property plc, said: “Stirling is a thriving, compact and welcoming city with a wide range of commercial and cultural facilities. The University of Stirling has over 11,000 students (HESA 2013-14) of whom over 30 per cent are postgraduates. This is the Group’s first investment in Stirling, which has a very limited supply of purpose-built student accommodation. The city is also a 45 minute train journey to Glasgow, which will facilitate joint management opportunities with the Group’s operations located there. The acquisition is in line with Empiric’s investment criteria and returns profile.”