Empiric Student Property (Empiric) has announced that it has acquired the freehold of a 220 bed student accommodation scheme, Foss Studios, in York for £23.3m (excluding costs). Empiric says that Foss Studios was completed for the 2015/16 academic year and comprises 220 large, well specified, studio rooms across three purpose built buildings. The scheme is located directly opposite the Group’s forward funded development on Lawrence Street, between York city centre and the University of York, and approximately 1.5 miles from York St John University.
The scheme, which is Empiric’s second investment in York, has been acquired from Curlew Student Trust, the student property investment vehicle of CBRE Global Investment Partners. It is currently managed by Fresh Student Living but will be integrated onto Empiric’s Hello Student operating platform at the end of March 2017. Empiric says that Foss Studios is fully let for the 2016/17 academic year to students from both the University of York and York St John University, and is already letting well for the 2017/18 academic year.
Empiric Student Property acquires Foss Studios in York for £23.3m : ESP