Empiric acquires £11m student development in Sheffield

Empiric Student Property is set to acquire a 107 bed forward funded student development in Sheffield, for £11m.

Empiric Student Property will purchase the freehold to Provincial House, which is located in central Sheffield, immediately next to the University of Sheffield’s north campus.

The property consists of the vacant and listed Provincial House office building, which extends over five floors, as well as a small two storey building adjacent to Provincial House.

The development will see the transformation of the property into 24 units, together with the construction of three new blocks to provide a further 83 units.

Hartshead Provincial Apartments Ltd will undertake the construction of the property on behalf of Empiric. The full amount required for the development will be invested in stages against development milestones.

Empiric will receive an income return from the developer on funds invested during the development period.

The property is scheduled to be completed in summer 2017, in time for the 2017/18 academic year.

Paul Hadaway, chief executive of Empiric Student Property plc, commented: “This acquisition further increases our footprint in Sheffield, a city with two universities and nearly 48,000 full time students, the 6th biggest student population outside London.

“This will mean that, together with Portobello House, the Group will own 241 operating beds in Sheffield, once all properties reach completion in time for the 2017/18 academic year. The increased number of beds in the city will enable Empiric to derive operational efficiencies 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.”

Sheffield has two universities, Sheffield University, a member of the Russell Group and ranked 21st on the Times Good University Guide 2015, and Sheffield Hallam University, ranked 62nd by the Times.

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