Residential property firm buys up £11m site
PROPERTY group Empiric has snapped up an £11m residential site in Sheffield.
The 107-bedroom forward-funded development at Provincial House is Empiric’s second foray into the Sheffield student property scene.
The group will acquire the central Sheffield site adjacent to the University of Sheffield’s north campus.
The existing property includes the vacant, listed Provincial House office building and two smaller units.
Empiric will oversee the refurbishment of the entire property into 24 units as well as the construction of three blocks to house a further 83 units.
Hartshead Provincial Apartments will undertake the construction of the property on behalf of Empiric, scheduled to be completed in summer 2017 in time for the 2017/18 academic year.
Paul Hadaway, chief executive of Empiric Student Property plc, commented: “This acquisition further increases our footprint in Sheffield, a city with two universities and nearly 48,000 full time students, the 6th biggest student population outside London.
“This will mean that, together with Portobello House, the Group will own 241 operating beds in Sheffield, once all properties reach completion in time for the 2017/18 academic year.
“The increased number of beds in the city will enable Empiric to derive operational efficiencies from the portfolio, as well as moving us closer towards our strategic target of providing 300 to 400 beds in each city or town where we operate.”
Sheffield University is a member of the Russell Group and ranked 21st on the Times Good University Guide 2015, and Sheffield Hallam University, ranked 62nd by the Times.
