The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has acquired the land and entered into a forward funded development agreement for a 106 bed, premium student accommodation development in York for a total funding commitment of £9.245 million.
The Percy’s Lane development comprises the redevelopment of a site involving the demolition of the existing buildings and the construction of new purpose-built student accommodation with a mix of studios and one, three and five bedroom apartments, as well as six bedroom townhouses and communal facilities.
The scheme is being developed by S. Harrison Developments, one of the leading property and development businesses in the north of England, and also the developer of Empiric’s Lawrence Street forward funded development in York. Construction on the Percy’s Lane property is due to commence in May 2017 with practical completion scheduled in time for the 2018/19 academic year.
The property is located close to the Lawrence Road development and the newly acquired Foss Studios scheme, between York city centre and the University of York, and is approximately 1.5 miles from York St John University. The scheme is immediately adjacent to an existing student accommodation property which is currently leased to York St John University.
Empiric will be responsible for marketing and letting the scheme through the Hello Student® operating platform, with a show flat being made available from January 2018.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
“This investment follows the acquisition of Foss Studios, York, announced earlier this week. As a result of these transactions, the Group will own a total of 441 beds in York, some 2 per cent 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. This acquisition is in line with Empiric’s investment criteria and returns profile.”