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Empiric Adds Another York Asset to Its Portfolio

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

Empiric Student Property has purchased the land and entered into a forward-funded development agreement for a 106-bed student accommodation scheme in York.

The Percy's Lane development will cost a total of £9.2 million and will involve the demolition of existing buildings on the site and the construction of a new premium purpose-built student accommodation block.

The scheme will consist of a mix of studios and one, three and five bedroom apartments, as well as six bedroom townhouses and communal facilities.

Construction is expected to begin in May, with completion of the site scheduled in time for the 2018/19 academic year.

The property is situated close to Empiric's Lawrence Road development and the recently purchased Foss Studios.

Foss Studios was bought by Empiric earlier in the week for £23.3 million and consists of 220 studio rooms split across three buildings. The development is currently managed by Fresh Student Living but will be integrated onto the Group's Hello Student operating platform at the end of March 2017.

Empiric Chief Executive Paul Hadaway said of the latest scheme: "As a result of these transactions, the group will own a total of 441 beds in York, some 2% of the local full-time student population. The design of the self-contained apartments is in line with our "townhouse" concept, providing students with a group living environment with all the benefits of purpose-built student accommodation."