Empiric Student Property has bought the freehold of a terrace of Grade II-listed buildings in Claremont Place, Newcastle upon Tyne, for £11m.
Ziggurat Student Living will develop the buildings into a luxury 88-bed student accommodation scheme.
The development is expected to be completed by September 2015, in time for the next academic year.
The property is adjacent to Newcastle University and within a 10-minute walk of the city centre.
Atelier Property Asset Management, a company related to Ziggurat, will manage the property on behalf of Empiric.
Paul Hadaway, chief executive of Empiric Student Property, said: “Newcastle is an ideal target city for Empiric – an exciting student city with two popular universities. Newcastle University is a Russell Group university, which attracts some 23,000 students from around the world, and has a high proportion of post-graduate students.”
