Empiric Student Property has revealed it is selling a student development site in Stirling,

The company has exchanged contracts to sell the freehold of the Forthside Way site for £2 million. The disposal is expected to complete on 27 November 2017.

The site, which was acquired by the Group in August 2015, has detailed planning permission for a 208-bed student accommodation scheme.

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Paul Hadaway, Chief Executive of Empiric Student Property, said: "The sale of Forthside Way site follows an operational review. Whilst we will continue to identify opportunities for the development of premium Purpose Built Student Accommodation, our current focus is on building critical mass in our target cities.

"The Forthside Way site was our only asset in Stirling. The Property has been sold with the benefit of the planning approval obtained by the Group, which has resulted in a substantial uplift in value above the original acquisition price."

(LM/MH)