A new 166-bed student accommodation scheme is to be built in Edinburgh.

Empiric Student Property has acquired a development site on King's Stables Road opposite Edinburgh Castle and entered into a forward funded agreement for the scheme, with a total funding commitment of £26.5 million.

Features will include demolishing existing buildings and the construction of new purpose-built student accommodation, comprising an all-studio bed scheme with communal facilities.

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In addition, the property is one component of a wider mixed-use development being built by developer, Peveril Securities. Other highlights include a hotel and 52 residential units.

Practical completion is scheduled to be in time for the 2019/20 academic year.

Paul Hadaway, Chief Executive of Empiric Student Property, said: "We are very pleased to have made this acquisition in the heart of Edinburgh's Old Town. The city contains 49,705 full-time students (latest available HESA data 2015/16) and the University of Edinburgh attracts 38% of its full-time students from international backgrounds.

"This is a very well-regarded institution benefitting from a particularly strong ratio of 10.5 undergraduate applications to acceptances (6.6 nationally). This acquisition is in line with Empiric's investment criteria and returns profile."

(LM)