11th September 2015 back to news

Sale of 396 Gorgie Road, Edinburgh

Sale of 396 Gorgie Road, Edinburgh

 

Graham + Sibbald have successfully sold 396 Gorgie Road, Edinburgh to IP Investment Management on behalf of Chamic Developments.

 

The £19million development site will add 92,000 sq ft to accommodate the city’s growing student population in a mix of cluster flats and studios, along with ground floor retail and is set to be completed in 2017 ahead of the new academic year.  

 

IPIM is working alongside Maven Capital Partners which will provide asset management services for the delivery of the scheme.

 

Peter Young, director at IPIM, said: “We are committed to building a robust portfolio of student accommodation assets across the UK and we see Edinburgh as a crucial part of this. More than 70% of Edinburgh’s full-time students are unable to live in student halls or purpose-built housing, creating an evident need for well-located and high quality accommodation.”

 

He added that the company would actively pursue similar deals in the coming months.

 

Andrew Whiteley, investment director at Maven Capital Partners, said: “The Gorgie Road property will be an excellent addition to the Edinburgh student accommodation market, which remains substantially undersupplied.”

 

 

Graham + Sibbald acted for Chamic Developments and Coldspring acted for Maven Capital Partners/IPIM.