Investor doubles up with £9m York residential purchase

Empiric, the property investor and operator of student accommodation, has acquired its second York site this week for £9.25m.

The company, which announced the acquisition of the £23m Foss Studios site two days ago, has now completed a deal for Percy’s Lane, a 106-bed student development in the city.

It has acquired the land and entered into a forward funded development agreement for the site.

The redevelopment will involve the demolition of existing buildings on Percy’s Lane and the construction of a mix of studios and one, three and five bedroom apartments, as well as six bedroom townhouses and communal facilities.

Construction will begin in May 2017 with completion scheduled in time for the 2018/19 academic year.

The scheme is being developed by York-based S. Harrison Developments, the developer of Empiric’s Lawrence Street forward funded development in York.

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% 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.”