Student accommodation bought for £10.25m

A NATIONAL student property company has acquired Ladybarn House in Manchester for £10.25m.

Empiric Student Property, the owner and operator of premium student accommodation across the UK has bought the 145-year leasehold of the 117-bed facility from Accrue Capital.

As well as the two main universities, The University of Manchester and Manchester Metropolitan University, the city is home to several smaller institutions such as the Royal Northern College of Music.  The city has the second highest student population outside London.

Ladybarn House was built in 1994 by The University of Manchester – which remains the freeholder – and was subsequently comprehensively refurbished by Accrue Capital in 2012.

The property comprises 117 beds over three floors in a mix of studios, one-bed apartments and four-bed en-suite apartments, with communal facilities.
 
It also has four ground floor retail units which are fully let.  The property is located in the popular student suburb of Fallowfield, south Manchester, opposite The University of Manchester’s residential Fallowfield Campus.

Paul Hadaway, Chief Executive of Empiric Student Property said: “Ladybarn House is our second acquisition in Manchester, a city with a high student population.

“The property is located in the vibrant student suburb of Fallowfield, with its numerous bars, restaurants and shops as well as direct bus links to the city centre and the University of Manchester’s main campus.  This acquisition is in line with Empiric’s investment criteria and returns profile.”