We are pleased to announce we have acted for S Harrison Developments on the sale of Metrovick House to Empiric Student Property plc.
New student accommodation
The £7.5m deal will see the 1930s office block converted to student flats.
York property and development company S Harrison acquired the building in July and appointed Gateshead-based Tolent Construction as main contractor on the conversion.
The project is due to be handed over to Empiric ahead of the 2016 academic year.
Prime city centre property
The firm said Metrovick House represents a prime property just 300 metres from Northumbria University library and within easy walking distance of the city’s two universities.
It was originally owned by electrical engineers Metropolitan-Vickers.
The six storey office building has been largely unoccupied until recently, but the upper floors are now being turned into 63 self-contained studio apartments, set above the ground floor and basement which has retail units.
Paul Hadaway, chief executive of Empiric Student Property plc said: “This acquisition represents our second acquisition in Newcastle, an exciting student city with two popular universities.
“On completion of this scheme, together with the Group’s first investment, Claremont House, our presence in this city will reach 151 beds.
“This scale will enable us to derive improved operational efficiencies between the two properties. This acquisition is in line with Empiric’s investment criteria and returns profile.”
S Harrison’s director, David Clancy, added: ‘This is an iconic landmark building in the city and we have an excellent track record for finding new viable uses for older buildings.
“We are delighted to have exchanged contracts with Empiric whose reputation in the student accommodation sector is unrivalled.
“The interest in the development confirms the continuing demand for quality student provision to serve Newcastle’s two thriving universities.”
For more information on this deal or how we can help your business with property transactions please contact Jonathan Combe on 0191 211 7925 or email [email protected].
(Source Chronicle Live)