Funding deal for Welsh Baptist Chapel project

THE Grade II-listed former Welsh Baptist Chapel in Manchester is to be transformed into a 93-bed student accommodation centre following a £6.9m deal.

Empiric Student Property, which acquired the building in May, has entered into a forward funding development agreement with Xian Developments Manchester.

The £6.9m includes the £1m already paid for the acquisition of the site and will be invested in stages as the development continues.

Completion is expected in time for the 2017/18 academic year.  London-based Empiric will receive an income return from the developer on funds invested during the development period.

The Welsh Baptist Chapel, which includes the former chapel, chapel annex and associated grounds, is less than five minutes’ walk from the main city campuses of both the University of Manchester and Manchester Metropolitan University.