Ely Property Group Limited is set to pay approximately €10.35m for the site, subject to satisfactory planning permission being granted. Ely will seek planning permission for a 700-bed student accommodation development.
No consideration is payable in the event that planning permission is not obtained.
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Philip Marley, Ely Property CEO said: "This acquisition reflects our continuing commitment to develop Ely's student accommodation business and to expand our geographic presence.
"This development, together with our Nottingham and London developments, will establish Ely as a leading supplier of student accommodation in Britian."
Ely is wholly owned subsidiary of the Newcourt Group, a leading, Irish based, support services provider. It employs over 3,200 staff throughout the island of Ireland. The Group has four operating divisions: Support Services, Student Accommodation, Recruitment and Aviation Outsourcing.
Ely Property Group is engaged in the development and management of student accommodation in Ireland and the UK.
(VB/JM)
