Empiric acquires £9.25m York student accommodation scheme

Empiric Student Property, the student accommodation operator, has acquired the land and entered into a forward funded development agreement for a 106 bed, student accommodation development in York for £9.245m.

The scheme on Percy’s Lane will see the demolition of the existing buildings and the construction of new purpose-built student accommodation with a mix of studios and one, three and five bedroom apartments, as well as six bedroom townhouses and communal facilities.

With construction work set to begin in May 2017, the development will be delivered by S. Harrison Developments.

The property is located close to the Lawrence Road development and the newly acquired Foss Studios scheme, between York city centre and the University of York, and is approximately 1.5 miles from York St John University.

The scheme is immediately adjacent to an existing student accommodation property which is currently leased to York St John University.

Empiric will be responsible for marketing and letting the scheme through the Hello Student operating platform, with a show flat being made available from January 2018.

Paul Hadaway, Chief Executive of Empiric Student Property plc, said: “This investment follows the acquisition of Foss Studios, York, announced earlier this week.

“As a result of these transactions, the Group will own a total of 441 beds in York, some 2% of the local full-time student population.

“The design of the self-contained apartments is in line with our “townhouse” concept, providing students with a group living environment with all the benefits of purpose-built student accommodation. This acquisition is in line with Empiric’s investment criteria and returns profile.”

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