The site has detailed planning permission for a 208 bed student accommodation development, which was granted on appeal in October 2016.

Empiric, which bought the 0.75-acre site in August 2015, said the disposal is expected to complete on November 27.

Paul Hadaway, chief executive of Empiric Student Property, said: “The sale of Forthside Way site follows an operational review. Whilst we will continue to identify opportunities for the development of premium Purpose Built Student Accommodation, our current focus is on building critical mass in our target cities.

“The Forthside Way site was our only asset in Stirling. The Property has been sold with the benefit of the planning approval obtained by the Group, which has resulted in a substantial uplift in value above the original acquisition price.”