Empiric acquires student accommodation property in York: Lawrence Street
31st March 2016
The Board of Empiric Student Property plc, 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 115 bed, premium student accommodation development in York for a total funding commitment of £11.1 million.
The Lawrence Street development comprises the redevelopment of the former St Lawrence Working Men’s Club and the adjacent Tam O’Shanter public house, together with a newly built wing, to create a premium student accommodation scheme with a mix of studios and flats with one, two, three and five bedrooms, as well as communal facilities. The existing buildings are listed and will be retained, repaired and refurbished in accordance with the Listed Building Consent which has been granted.
The property is strategically located between the city centre and the University of York, and approximately 1.5 miles from York St John University. According to the latest HESA statistics (for the 2014/15 academic year), the total full-time student population in York was over 20,000, with 20.5% international students and 17.8% postgraduates. The University of York is ranked 15 by The Times Good University Guide 2016.
The scheme is being developed by S. Harrison Developments and construction on the Lawrence Street property is due to commence in April 2016 with practical completion envisaged in time for the 2017/18 academic year.
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 2017. The Group will benefit from a rental top-up guarantee for the first year of operation
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
“The Lawrence Street development is our first property in York. In the past few years, the University of York has undergone one of the largest capital investments in the UK Higher Education sector, doubling the size of its campus with the creation of new research and teaching facilities across a number of subject areas. It is also one of the few universities to offer a distinctive Graduate Students Association and an International Students Association. York is, therefore, an important location for us to invest in. This acquisition is in line with Empiric’s investment criteria and returns profile
Questions? Get in touch using the contact details below.
Questions? Get in touch.
Empiric Head Office
Empiric Student Property plc
1st Floor, 72 Borough High Street London, SE1 1XF
+44 (0)20 3828 8700
Dido Laurimore/Eve Kirmatzis
+44 (0)20 3727 1000
Tom Yeadon/Andrew Morris
Jefferies International Limited
020 7029 8000
Capel Irwin / Carl Gough
Peel Hunt LLP
020 7418 8900