MCR exits Victoria Point

MCR Property Group has sold Victoria Point, a 561 student bed development it completed in 2009, to Empiric Student Property for £29.5m.

The asset comprises apartments and duplexes across six blocks on 3.5 acres. The property has been fully let since it was built.

Paul Hadaway, chief executive of Empiric Student Property, said: “With its large student population – the third largest in the UK with 61,990 full-time students in 2014/15 according to HESA statistics – we are pleased to have made this further significant purchase in Manchester, taking our presence in the city to 765 beds.

“This large site with low density provides the opportunity for further development, if appropriate, including communal facilities to create a purpose-built student hub. This acquisition is in line with Empiric’s investment criteria and returns profile.”