Empiric acquires land for student development in Edinburgh’s Old Town

KING'S STABLES COURTYARD VIEW EAST
The site forms part of Peveril Securities’ redevelopment on King’s Stables Road

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.”


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