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Empiric Announces Student Accommodation Acquisition in Liverpool

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

Empiric Student Property has announced the acquisition of the Hahnemann Building in Liverpool for £10.8 million, with the deal expected to complete in October 2017.

The Hahnemann Building is a Grade 2 listed building within an established student area in Liverpool. The site was once a hospital but was converted into high specification student accommodation comprising of 98 studios with communal space.

The property is situated on Hope Street in the city centre and is within easy reach to the city's main railway station, Liverpool Lime Street. The building sits adjacent to John Moores University and is ten minutes' walk from the central academic facilities of the University of Liverpool.

The development was completed for the 2016-17 academic year and was fully let under the management of CRM Students.

According to Empiric, lettings are progressing well for the 2017-18 academic year and Hello Student will take over the management of the accommodation on completion of the purchase.

Once the deal goes through, it will mark the company's sixth site in Liverpool, with Empiric's other assets also serving students attending the University of Liverpool.

Commenting on the acquisition, chief executive Paul Hadaway, said: "The Hahnemann building is our seventh acquisition in Liverpool, expanding the Group's presence in the city to 480 beds, serving 1% of Liverpool's vibrant student population. The University of Liverpool attracts 32% of its full-time students from international backgrounds, and has experienced strong international and postgraduate growth in recent years. This acquisition is in line with Empiric's investment criteria and returns profile."