A PROPERTY group which invests in student developments has made its third significant Yorkshire investment this year.
Empiric Student Property is to spend £10.7m on Portobello House in Sheffield, a 134 bed new-build student accommodation scheme within the University of Sheffield campus.
The group made its first investment in Leeds in January when it spent £7.2m on the 111-room Algernon Firth, next to Leeds General Infirmary. That was followed by a £7.1m purchase of St Mark’s Court, in north Leeds, which houses 80 students.
A joint venture between Visage Properties and Galliard Homes will build the property on behalf of Empiric, which will invest in stages against development milestones. The property is scheduled to be completed by July 2016, in time for the 2016/17 academic year.
“This forward funded project represents the Company’s first investment in Sheffield, a popular city with students,” said Paul Hadaway, chief executive of Empiric Student Property.
“The site is ideally located and we expect the scheme to generate attractive returns in line with our stated investment parameters.”
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