Student halls developer Empiric mothballs three projects

Aaron Morby 3 years ago
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Developer Empiric Student Property has halted plans for three student accommodation projects as it seeks to protect cash reserves.

St Mary's 153-bed purpose-built student accommodation project in Bristol put on hold
St Mary's 153-bed purpose-built student accommodation project in Bristol put on hold

The firm announced this morning that it has decided to delay the developments until market conditions stabilise.

Projects delayed include the 232-bed Emily Davies scheme in Southampton, a Canterbury building refurbishment  to create 134 beds and its 153-bed St Mary’s project in Bristol.

Plymouth-based URBN Construction was understood to be in line for the redevelopment of the principal St Mary’s Hospital building in Upper Byron Place.

Empiric’s 52-bed development at New Walk in Leicester is expected to complete later this month as planned, in time for the forthcoming academic year 2020/21.

While the market had fallen, Empiric said it was beginning to see an increase in requests for self-contained studios and en-suite accommodation as a result of the current social distancing measures in place in the UK.

Earlier this month, the UK’s leading student accommodation specialist Unite announced it had delayed a 900-bed scheme near Aldgate in London and a 416-bed scheme in Bristol being delivered by contractor RG Group halted.

The decision was in preparation for a £125m expected revenue hit on student rents during the coronavirus crisis.

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