Empiric Student Property has acquired, subject to planning, a site on Bonhay Road, Exeter, for £2.5m.
It is to be developed into a 139 bed new-build premium student accommodation scheme and a forward-funding development agreement is expected to be entered into shortly.
The group will acquire the freehold of the four-storey scheme ,expected to be completed in time for the 2017-18 academic year.
