Empiric makes £14.5m Leicester student digs swoop

Empiric Student Property has increased its portfolio in Leicester after making a £14.5m swoop for two student accommodation blocks in the city centre.

Empiric has bought The Hosiery Factory for £5.61m and The Shoe and Boot Factory for £8.86m

The Hosiery Factory, which was converted in 2015, is a direct-let student accommodation property with 107 beds across a mix of three to nine bedroom apartments, each of which has its own kitchen and living area.

The Shoe and Boot Factory is also a direct-let student accommodation property with 173 beds across a mix of four to eight bedroom apartments, each of which has its own kitchen and living area. The building was converted from the original factory in 2013 and retains many of the original features. Two new build structures have created a courtyard amenity space.

Both properties, which are on Lower Brown Street, were fully let for the 2015/16 academic year and are 100% pre-let for the 2016/17 academic year. The operations are currently managed by Campbell Property which will continue to manage the properties on behalf of the Group before operations are integrated onto the Hello Student® operating platform.

Paul Hadaway, chief executive of Empiric Student Property said: “The acquisition of this portfolio increases our presence in Leicester to 560 beds across seven properties. This acquisition is in line with Empiric’s investment criteria and returns profile.”