LEEDS based property company Rushbond Plc has completed Leeds city centre’s first major property transaction of 2015, selling Algernon Firth, a purpose designed Award-Winning student apartment development, to London based Empiric Student Property Plc for £7.2m this week.
Rushbond completed transforming the redundant Art Deco Grade II-listed building on Great George Street into a variety of individual en-suite rooms and a range of studio and duplex apartments for 111 students in September 2013.
The building also offers an on-site gym, laundry and communal study areas and adjoins Leeds General Infirmary. It has been fully occupied since its completion and is popular with both medical students as well as those from The University of Leeds and Leeds Beckett University. The acquisition is Empiric’s first investment in Leeds and the purchase price reflects a net initial yield of 6.5 per cent.
Richard Baker of Rushbond, says: “When we initially embarked on this development it was our intention to create a new generation of student accommodation that exceeded everything else in the market. We wanted to offer students genuine homes that are on the doorstep of Leed’s Universities and all the many attractive amenities the city centre offers.
“These aspirations, combined with Algernon Firth’s superb occupancy rates and convenient location in one of the UK’s leading Russell Group university cities, made it particularly attractive to potential investors and we’re delighted with the assistance of DTZ’s Manchester based student investment team to have completed the sale to Empiric. The fund has a fantastic track-record in the premium student property market and this deal is testament to the overall quality of the scheme as well as the strength of both the investment and student markets in Leeds.”Authored by: