Empiric Continues Acquisition Trail

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Empiric Student Property has announced the acquisition of the freehold of the former St Mary's Hospital in Bristol for £8.08 million.

The site currently consists of 3,400 sq m of former hospital building as well as 65 car parking spaces. The company is in the process of preparing a planning application for a 100+ bed premium student accommodation development.

Under the plans being drafted, the scheme will comprise a mix of studios, two bed apartments and townhouses with a generous amount of student amenity space. The development will also be equipped with a common and games room, study spaces, a gym and offices.

Empiric is targeting the commencement of development works in the third quarter of next year.

The development site is situated on the edge of the University of Bristol's main campus in Clifton, adjacent to the popular student area, the Clifton Triangle. Once the new accommodation is complete, it will be managed and marketed by Hello Student.

The operational management arm of Empiric already looks after the group's two existing schemes dubbed, College Green and William and Mathew House, which according to Empiric are letting well.

Commenting on the acquisition, chief executive of Empiric Student Property, Paul Hadaway, said: "Bristol is a prime location for the Group, and the St Mary's Hospital site is ideally situated to target students at the University of Bristol. The University is planning for significant growth across the city, and suffers from a shortage of good quality student accommodation. This will be Empiric's third asset in Bristol, resulting in a portfolio serving circa 0.7 per cent. of Bristol's full-time student population when complete, helping to relieve the city's supply-demand imbalance. The acquisition is in line with Empiric's investment criteria and returns profile."