Empiric Student Property is buying a 61 bed direct-let, premium student accommodation scheme in Exeter for £6.1m and is paying £1m for the freehold of a site for a 93 bed residential development in Manchester.
In Exter, they will acquire the freehold to the site which was previously home to the Exeter library and is a short walk from the Group’s two existing properties in Exeter, Dean Clarke Lofts and Picturehouse Apartments. The scheme comprises 44 apartments, together with lower-ground floor student communal space and one retail unit. The site will be acquired from Burrington Estates Limited which is managing the construction of the property on behalf of Empiric. Burrington previously developed Dean Clarke Lofts and this scheme is being built to a similarly high specification. The property is scheduled to be completed in time for the 2015/16 academic year, marketing is underway, and bookings for the forthcoming academic year are currently being taken. The acquisition will complete on practical completion of the development expected to be in August 2015.
In Manchester, the site is a Grade II* listed, neogothic style former Welsh Baptist Chapel. The Welsh Baptist Chapel (which includes the former Chapel, Chapel Annex and associated grounds) is located on Upper Brook Street, less than 5 minutes’ walk from the main city campuses of both the University of Manchester and Manchester Metropolitan University. Empiric don’t have any other exposure to Manchester.
ESP : Empiric Student Property expands in Exeter and Manchester