A MULTI-MILLION pound deal has been sealed on a major York site which is to be transformed into student accommodation.

Empiric Student Property has acquired the site on Percy’s Lane for a total funding commitment of £9.25million.

The site is to be turned into purpose-built student accommodation by York developer S Harrison, featuring studios, one, three, five and six bedroom en-suite apartments and townhouses for 106 students.

Work is due to start in Spring and is expected to be complete ready for the 2018/19 academic year, when it will be owned and managed by Empiric Student Property, which operates student accommodation across the UK.

Chief executive Paul Hadaway said: “This investment follows the acquisition of Foss Studios, York, announced earlier this week. As a result of these transactions, the Group will own a total of 441 beds in York, some two per cent of the local full-time student population."

The three and four-storey buildings will include a study space, gym, cinema, common room, games room and courtyard area.

Ann Scott, from S Harrison, said: “The acquisition of this site is a major milestone in this development and means we are on track to start work this spring as planned."

Electrical retailer Herbert Todd & Son, which trades from the site, will expand into a new retail unit at Monks Cross during April.