ESP acquires student accommodation development

EMPIRIC Student Property is to acquire the freehold of a forward funded development in Huddersfield known as Snow Island.

It is currently being developed into a prime, purpose-built student accommodation asset by developer AQH Mickelsfield.

The site is located close to the University of Huddersfield and the 3M Buckley Innovation Centre and Business School.

The Group has entered into agreements to forward fund the development, comprising 98 beds, with practical completion expected in August 2015 in time for the 2015/16 academic year.

The full investment required for the development is £7.5m, which will be invested in stages against development milestones. The company will receive an income return from the developer on funds invested during the development period.

Paul Hadaway, chief executive of Empiric Student Property, said: “The University of Huddersfield is currently one of the fastest growing universities in the UK with a student population of over 24,000. The development of this site, in an area with few high quality, purpose-built student accommodation assets, represents an attractive opportunity for the group to further diversify our portfolio of assets, with returns that meet our investment criteria.”