Empiric Student Property acquires Southampton project for £3.5m

9th Jul 2014 08:21

Empiric Student Property is set to acquire a direct development project in Southampton for £3.5m after entering a joint venture agreement with Revcap Advisors.The firms have exchanged contracts to purchase the commercial property, which they plan to turn into direct-let student accommodation.The acquisition is expected to be completed later this month with the group seeking planning permission for 158 studio beds. The proposed opening target date for the development is September 2015.Chief Executive Officer Paul Hadaway said: "Brunswick House is a significant student accommodation development scheme in central Southampton, close to Southampton Solent University and between the city centre and the University of Southampton."WS