The Board of Empiric Student Property has announced that the Group has acquired the freeholds of three operational, direct-let, premium student accommodation properties in Leicester, comprising a total of 106 beds, for a consideration of GBP8.8 million (excluding acquisition costs).
Bede Park (completed in 2012) is a conversion of a 1900s two storey industrial unit, with a further two floors added. The property provides a total of 59 beds, comprising 49 studios and five two-bedroom apartments, as well as communal facilities including a large gym, cinema room and a communal living area. There is a ground floor retail unit, which is currently let to The Co-operative food store. Bede Park is located to the west of the Soar River on a busy pedestrian route between De Montfort University, which is a ten minute walk away, and the popular Narborough Road area.
136-138 New Walk (completed in 2013) and 160 New Walk (completed in 2015) are both conversions of three storey Victorian mid-terraces, which have been extended to the rear and are all-studio schemes with 30 beds and 17 beds, respectively. The properties each offer communal facilities, including a gym and cinema room. Located close to the University of Leicester in an attractive area, these New Walk properties are on a pedestrian-only road linking Victoria Park to the city centre.
The properties have an excellent occupational track record and are fully let for the 2015/16 academic year, with 90% already pre-let across the portfolio for 2016/17.
The three properties are being acquired from a Leicester-based property company, which will continue to manage the operation of the properties on behalf of Empiric until the end of the current academic year.
ESP : Empiric buys in Leicester