Empiric Agrees Forward Funding for Three Leicester Projects

Posted by Richard Ward in

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Empiric Student Property has agreed three forward funded projects with an undisclosed Leicester-based property company to develop a number of student flats in Leicester.

At a total cost of £16 million, 134 New Walk and 140-142 New Walk will be developed alongside the Empiric's recently acquired asset situated at 136-138 New Walk. The Victorian terrace properties will be converted and extended to create a series of student houses stretching from 134-142 New Walk.

The student accommodation development at 134 New Walk will comprise of 16 studios, while 140-142 New Walk will include 42 studios and three 2-bed apartments. In total, Empiric will own 94 beds from 134 to 142 New Walk.

The three assets will be managed and marketed through the Hello Student brand, with 134 New Walk expected to be up and running by May 2017, in time for the 2017/18 academic year. The additional two properties are expected to be ready by May 2018, ready for the 2018/19 academic year.

Chief executive of Empiric Student Property, Paul Hadaway, said: "Following this acquisition, the Group will own 730 beds in Leicester, targeting both the University of Leicester and De Monfort University, with some 30,600 full-time students. The Group's existing operating properties have a strong lettings history and are all fully let for the 2016/17 academic year. This acquisition is in line with Empiric's investment criteria."