Student block in city bought for £29.5m
EMPIRIC Student Property has acquired the 561-bed Victoria Point in Manchester for £29.5m.
The national student property specialist has bought the long leasehold – 999 years from March 2007 – from MCR Property Group.
Victoria Point was built in 2009 by MCR as a private residential scheme comprising apartments and duplexes across six separate blocks of accommodation on a 3.5 acre site.
The property has been let entirely to students since it was built and is located in the Victoria Park area of Manchester, a popular student area convenient for The University of Manchester, Manchester Metropolitan University and the Royal Northern College of Music.
The 561 beds are set out in a mix of two, three and four bedroom apartments with nine three bedroom duplexes.
The accommodation has large bedrooms, fully fitted kitchens and family-sized bathrooms. The property also has 197 car parking spaces and landscaped gardens.
Empiric says there is scope to upgrade the accommodation and ancillary facilities, on a staged basis, with the potential to enhance rental growth.
Victoria Point is fully let for the 2015/16 academic year and is letting well for 2016/17. The property, which is in close proximity to the group’s Welsh Baptist Chapel forward funded development, will be managed through the Hello Student platform.
Paul Hadaway, chief executive of Empiric Student Property, said: “With its large student population – the third largest in the UK with 61,990 full-time students in 2014/15 according to HESA statistics – we are pleased to have made this further significant purchase in Manchester, taking our presence in the city to 765 beds.
“This large site with low density provides the opportunity for further development, if appropriate, including communal facilities to create a purpose-built student hub. This acquisition is in line with Empiric’s investment criteria and returns profile.”
