Empiric adds Hahnemann Building to portfolio
Student accommodation business Empiric has exchanged contracts to buy the grade 2-listed building on Liverpool’s Hope Street for £10.8m.
The building, originally Liverpool Hahnemann Hospital, was converted into student accommodation after previous owner Maghull Developments secured consent for a Falconer Chester Hall-designed scheme in October 2013.
Operational from the start of the 2016-2017 academic year, it comprises 98 studio apartments and communal space and was fully let in its first year, under the management of CRM.
Hello Student will take over management once Empiric’s purchase is completed in October, marketing the building alongside Empiric’s six other Liverpool assets.
Paul Hadaway, chief executive of Empiric Student Property, said that international students remain central to the group’s thinking: “The Hahnemann Building is our seventh acquisition in Liverpool, expanding the group’s presence in the city to 480 beds.
“The University of Liverpool attracts 32% of its full-time students from international backgrounds, and has experienced strong international and postgraduate growth in recent years. This acquisition is in line with Empiric’s investment criteria and returns profile.”
Maghull acquired the Hahnemann Building as part of a portfolio of Hope Street heritage buildings bought from Liverpool John Moores University in 2007, which also included Josephine Butler House, 68 Hope Street and 2 Blackburne Place. Within that portfolio, the Hahnemann’s sale price was thought to be £2.2m.
The local developer originally envisaged the building as a boutique hotel, winning consent for a 50-bedroom hotel in 2009.