Empiric to invest £16m in Leicester student flats

Empiric Student Property has signed three forward funding arrangements with an anonymous Leicester-based property company to develop a total of 170 beds in Leicester for a total investment of £16m.

134 New Walk and 140-142 New Walk are located immediately to the west and east, respectively, of the Group’s recently acquired standing asset at 136-138 New Walk. The Victorian terrace properties are being converted and extended to the rear to the same specification as the 135-138, to form a continuous run of student accommodation from 134 to 142 New Walk. 134 New Walk will comprise a total of 16 studios, while 140-142 New Walk will include 42 studios and three 2-bed apartments. In total, Empiric will own 94 beds at 134 to 142 New Walk.

All three properties will be marketed and managed through the Hello Student® operating platform. 134 New Walk is expected to be delivered by May 2017, in time for the 2017/18 academic year and the other two properties by May 2018, in time for the 2018/19 academic year.

Paul Hadaway, chief executive of Empiric Student Property, said: “Following this acquisition, the Group will own 730 beds in Leicester, targeting both the University of Leicester and De Montfort University, with some 30,600 full-time students. The Group’s existing operating properties have a strong lettings history and are all fully let for the 2016/17 academic year. This acquisition is in line with Empiric’s investment criteria.”