Empiric buys Lancaster's CityBlocks in £27m deal

CityBlock, the family-owned provider of high quality student accommodation in the UK, has completed the transfer of ownership and management of its three blocks in Lancaster to an alternative student property management provider.

Empiric Student Property, also known as Hello Student, purchased a total of five buildings, including CityBlock 1, 2 and 3, for £26.5m. The London-based will take immediate charge of the Penny Street buildings, including all aspects of property ownership, including management, student welfare and customer care.

CityBlock, established more than 15 years ago, invested significantly in the three buildings. CityBlock will now turn its attentions to other areas of the city requiring rejuvenation and investment.

CityBlock’s operations director, Alison Bargh, said: “The transfer of ownership to Empiric has been communicated to all current residents, and we hope they will continue to enjoy the prime location and high quality services we’re leaving behind in the accommodation. We wish Empiric every luck with the developments.” The sale also included two buildings in Leicester. CityBlock is currently redeveloping a new block, also on Penny Street in the centre of Lancaster, and is due to open its doors to students this September.