Empiric acquires former Hahnemann Hospital building for £10.8m
The Grade II-listed Hahnemann Building in Liverpool has been acquired by listed student accommodation specialist Empiric Student Property for £10.8m.
The acquisition of the building in an established student area of the city is expected to complete in October.
The property on Hope Street was originally Liverpool Hahnemann Hospital and has been converted into a high specification student accommodation scheme comprising 98 studios with communal space.
It connects Liverpool’s two iconic landmark cathedrals, situated in a World Heritage Site Buffer Zone, close to the city centre and within easy reach of the main railway station, Liverpool Lime Street.
The Hahnemann Building is adjacent to John Moores University and is ten minutes’ walk from the central academic facilities of the University of Liverpool.
The scheme was completed for the 2016/17 academic year and was fully let under the management of CRM.
Lettings are progressing well for the 2017/18 academic year and Hello Student will take over the management of the accommodation from completion, marketing it alongside the group’s six other Liverpool assets, which are located in close proximity and also serve the University of Liverpool.
Liverpool has the eighth largest student population outside of London with over 46,000 full-time higher education students in 2015/16 (latest available HESA data).
Empiric 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.”
