The Board of Empiric Student Property has announced that the group has acquired the land and entered into a forward funded development agreement for a 115 bed, premium student accommodation development in York for a total funding commitment of £11.1m.
The property, Empiric’s first in York, is located between York city centre and the University of York, and is approximately 1.5 miles from York St John University. According to the latest HESA statistics (for the 2014/15 academic year), the total full-time student population in York was over 20,000, with 20.5% international students and 17.8% postgraduates. The University of York is ranked 15(th) in The Times Good University Guide 2016.
The Lawrence Street development comprises the redevelopment of two existing listed buildings, together with a newly built wing, to create a premium student accommodation scheme with a mix of studios and flats with one, two, three and five bedrooms, as well as communal facilities. The existing buildings will be retained, repaired and refurbished in accordance with the Listed Building Consent which has been granted.
The scheme is being developed by S. Harrison Developments, one of the leading property and development businesses in the north of England, and also the developer of Metrovick House, Empiric’s forward funded development in Newcastle. Construction on the Lawrence Street property is due to commence in April 2016 with practical completion scheduled in time for the 2017/18 academic year.
Empiric will be responsible for marketing and letting the scheme through the Hello Student(R) operating platform, with a show flat being made available from January 2017. The Group will benefit from a rental guarantee for the first year of operation.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented: “The Lawrence Street development is our first property in York. Over the past few years, the University of York has undergone one of the largest capital investments in the UK Higher Education sector, doubling the size of its campus with the creation of new research and teaching facilities across a number of subject areas. York is also one of the few universities to offer a distinctive Graduate Students’ Association and an International Students’ Association. York is, therefore, an important location for us to invest in. This acquisition is in line with Empiric’s investment criteria and returns profile.”
ESP : Empiric buys into development in York