Empiric buys up £7.1m Leeds student accommodation

STUDENT accommodation property in Leeds has been bought by Empiric Student Property plc for £7.1m.

St Mark’s Court, which was completed in 2009, contains 85 large self-contained studios with communal facilities and secure parking spaces.

Empiric believes that there is scope to extract further value through asset management, including a refurbishment of the property and adding to the communal facilities in the medium term.

St Mark’s Court is located at the junction of St Mark’s Road and Shay Street, to the north of Leeds city centre and the two main universities, the University of Leeds and Leeds Beckett University, both of which are within a short walking distance.

The property has been fully let since it began operations in the 2009/10 academic year and is currently managed by Niche Homes.

Paul Hadaway, chief executive of Empiric Student Property plc, said:”St Mark’s Court is Empiric’s second acquisition in Leeds, one of the top Russell Group university cities.

“In addition to the two large universities, Leeds is home to several smaller institutions such as Leeds Trinity, Leeds College of Music and the Leeds campus of the Conservatoire for Dance and Drama and is, therefore, a city where we intend to increase our presence.

“The acquisition is in line with Empiric’s investment criteria and returns profile.”