Empiric Student Property has acquired the freehold of a 127-bed student accommodation property in Leeds for £17.8 million (excluding costs).
Pennine House is the Group’s third acquisition following Algernon Firth and St Mark’s Court, and means Empiric now owns 323 bed in aggregate in Leeds.
Located on Russell Street, between Leeds train station and the two main universities, the University of Leeds and Leeds Beckett University, both of which are within 10 minutes’ walk.
The property comprises 127 beds in a mix of studios and two-bed en-suite apartments across eight floors together with high quality communal facilities including a gym, cinema room, study rooms and a common room.
It also includes a ground floor and basement commercial unit currently let to Living Ventures, trading as “Gusto”, one of fifteen Italian bar/restaurants in the UK, on a lease extending to 2041, with five yearly rent reviews, commencing in March 2021.
Pennine House will continue to be managed by Collegiate.