Empiric Student Property has bought land and forwarded funded a 115-bed development in York for £11.1m.
The scheme is Empiric’s first in York and comprises two listed buildings in Lawrence Street which will be retained and redeveloped.
The scheme is being developed by S Harrison Developments, which also developed Metrovick House, Empiric’s forward-funded development in Newcastle.
Construction is due to commence in April and scheduled to complete in 2017.
Paul Hadaway, chief executive of Empiric, said: “The Lawrence Street development is our first property in York. Over the past few years, the University of York has undergone one of the largest capital investments in the UK higher education sector, doubling the size of its campus with the creation of new research and teaching facilities across a number of subject areas.
“York is also one of the few universities to offer a distinctive Graduate Students’ Association and an International Students’ Association. York is, therefore, an important location for us to invest in. This acquisition is in line with Empiric’s investment criteria and returns profile.”
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