£10.7m invested in Sheffield student development

Empiric Student Property has acquired a forward funded, development in Sheffield, known as Portobello House, a 134 bed new-build premium student accommodation scheme, for a total investment of £10.7m.

Empiric has acquired the freehold to the site on Portobello Street, located in the heart of the University of Sheffield campus and within a 10 minute walk to the city centre and Sheffield Hallam University.

The scheme consists of 134 beds across a range of studios and 2-bed self-contained apartments, together with student communal space.

As part of a joint venture between Visage Properties Limited and Galliard Homes Limited, GHL (Portobello Road) Limited will undertake the construction of the property on behalf of Empiric, to the company’s specifications.

The full amount required for the development will be invested in stages alongside the completion of specific developments. Empiric will receive an income return from the developer on funds invested during the development period.

The property is scheduled to be completed by July 2016, in time for the 2016/17 academic year, with marketing commencing in November 2015.

Paul Hadaway, Chief Executive of Empiric Student Property, said: “This forward funded project represents the Company’s first investment in Sheffield, a popular city with students. The University of Sheffield has over 26,000 students with a significant proportion of post-graduate and overseas students and is ranked in the top 30 universities in the UK.

“Sheffield Hallam University has a large student population of over 33,000, a substantial proportion of whom are post-graduate. 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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