Tag: Empiric Student Property

Empiric Student Property has spent £40m on a housing development in Cardiff which is under construction.

The new-build property, located on Windor Place, will comprise 314 beds across a mix of studios and two bed apartments, with communal facilities.

The building, which will be acquired with a first year rental guarantee, is currently owned by the developer Fusion Students. It is expected to be operational by August 2016 in time for the 2016/17 academic year.

Paul Hadaway, chief executive of Empiric Student Property, said: This acquisition is our fourth in Cardiff, a vibrant student city with three universities and some 44,000 full-time higher education students, with above average numbers of international and postgraduate students …

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Student digs provider Empiric Student Property will hike rents by 3.25 per cent this year, the company said yesterday, as it also revealed its portfolio was valued at £251.3m as of the end of June.

Empiric has been on a spending spree this year, acquiring properties in university towns across the country. Its net asset value per share was calculated at 103.2p, up 5.2 per cent from June 2014.

Empric’s average return on its properties was 6.6 per cent from February 2014 to June 2015.

The company now has 51 assets operational or under development with 4,820 beds in 25 towns and cities. It said that by focussing on mid-sized properties outside of London, which are of less interest to many of its competitors, it was able to secure high quality assets at better than average yields.

The market outlook is strong as the fundamental market dynamics for student accommodation remain unchanged. As Empiric’s profile grows in the sector boosted by its listed status, it is being presented with a richer and broader pipeline of attractive investment opportunities,” said baroness Brenda Dean, the company’s chairman ..

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Metrovick House in Newcastle which has been snapped up by student property firm Empiric

A student property firm has acquired a 1930s office block in Newcastle city centre in a deal worth £7.5m.

Empiric Student Property plc and property development company S Harrison Developments Ltd have agreed terms for the sale of Metrovick House, on Northumberland Road.

Empiric acquires the freehold of the historic former office block when S Harrison completes a programme to convert the property into student studio apartments.

This marks Empiric’s second acquisition in Newcastle, following on from its £11m purchase of luxury student housing on Claremont Road, which was developed by Ziggurat Student Living. It takes its total of student units in the city to 151.

York property and development company S Harrison acquired the building in July and appointed Gateshead-based Tolent Construction as main contractor.

The project is due to be handed over to Empiric ahead of the 2016 academic year.

The firm said Metrovick House represents a prime property just 300 metres from Northumbria University library and within easy walking distance of the city’s two universities.

The six storey office building has been largely unoccupied until recently, but the upper floors are now being turned into 63 self-contained studio apartments, set above the ground floor and basement which has retail units.

Paul Hadaway, chief executive of Empiric Student Property plc said: “This acquisition represents our second acquisition in Newcastle, an exciting student city with two popular universities …

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Empiric Student Property has acquired its second property in Bath in the space of a week, buying a building on James Street West, for a price of £7.65m.

It has exchanged contracts with the property’s developer Lesis Group to acquire the student accommodation scheme on its completion.

The proposed three storey building is being developed to Empiric’s specifications and will feature 78 en-suite bedrooms in 15 self-contained apartments, with communal facilities.

The property will also have a ground floor retail unit that is being retained by the freeholder, Bath & North East Somerset Council.

Practical completion is expected in September 2016, in time for the 2016/17 academic year.

Paul Hadaway, chief executive of Empiric Student Property, said: “”This is the second commitment in Bath for the Company, following the forward commitment on James House announced recently.

Once both developments complete in September 2016, Empiric will own a total of 247 beds in Bath.

Last week, Empiric announced it was to buy a new-build student accommodation development in the city for a total investment of £25m …

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“Investment group Empiric Student Property is set to acquire a historic Nottingham building which is earmarked for student flats.

The freehold of Queen Street building, which was constructed at a cost of £98,000 in the 1800s and is known as The Frontage, will be bought for £18.4m.

A planned redevelopment scheme comprises 162-beds within 152 self-contained single and double studios.

Frontier Estates will undertake the work on the property on behalf of Empiric and is expected to be on-site in September 2015. The student flats are expected to be available for for September 2016, in time for the 2016/17 academic year.

Paul Hadaway, chief executive of Empiric Student Property, said: “”This forward funded development represents the company’s third investment in Nottingham, a city which is home to two universities as well as a number of other higher education institutions.

“”The increased number of beds in the city will enable increased operational efficiencies to be derived from the portfolio as well as moving us closer towards our strategic target of providing 300 to 400 beds in each city or town where we operate. This acquisition is in line with Empiric’s investment criteria and returns profile.””

In July, Insider revealed that the scheme had been given the green light by planners from Nottingham City Council.

The Frontage dates back to the end of the 19th century and was first opened at the city’s General Post Office in 1898. During the World War II, it was used as the regional Air Raid Precaution headquarters …

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