Student Developments Driving Out Coventry's Businesses
20th Jul 2018
Empiric Student Property has announced the acquisition of the Franciscan International Study Centre in Canterbury for £5.8 million. The deal is expected to be finalised on or around 9 August 2017.
The property consists of five townhouses with enough beds for 50 students, of which 27 are en-suite. Also located on the site is a 16,200 sq. ft. building, set in three acres of land.
The property is located on the edge of the main campus of the University of Kent and benefits from a 24-hour shuttle bus service between the university and the city centre.
On completion of the deal, Hello Student will manage the townhouse accommodation and will be marketing the property for the 2017-18 academic year.
Empiric has also investigated the sites development potential, and is in pre-application discussions with Canterbury County Council regarding planning permission for a student accommodation scheme in excess of 325 beds. Under the proposals, the scheme will consist of a mix of studios, two and three bed apartments, and six bed townhouses.
Empiric is aiming for development work to begin on the site in Q3 2018.
Commenting on the purchase, chief executive Paul Hadaway, said: "Canterbury represents a prime opportunity for the Group with a low level of private accommodation serving the student market. The Property is ideally located to target students from the University of Kent, which is well regarded and has demonstrated strong growth over the past five years, including a 58 per cent rise in postgraduate students and a 41 per cent rise in international students."
Mr Hadaway added: "As well as generating revenue for the forthcoming academic year, the acquisition of the Property should enable the Group to develop a significant student accommodation scheme adjacent to this vibrant university and close to Pavilion Court, the Group's first Canterbury acquisition. This acquisition is in line with Empiric's investment criteria and returns profile."
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