Empiric Student Property has confirmed that it has entered into a £6.9m forward-funding development agreement with Xian Developments Manchester.
The jv is to develop a 93-bedroom student accommodation scheme on the site of the grade II listed former Baptist Chapel, which Empiric bought last month for £1m.
The £6.9m sum required for the development will be invested in stages against development milestones.
The scheme is due for completion in time for the 2017-18 academic year. Xian will receive an income return from the developer on funds invested during the development period.
