Continuing it's early year spending spree, Empiric Student Property has now purchased the freehold of a student block in Oxford's vibrant area of Cowley for £4.5 million.
Stonemason House is a 44 bed student accommodation block, just off of the Cowley Road in the west side of the city. It is currently under lease by St Cross College (part of the University of Oxford), but this will expire in September 2017, just in time for the 2017/18 academic year. That said, the lease guarantees full occupancy for the block first year under Empiric's ownership.
The beds in the property are spaced across 4-7 bed en-suite apartments and the building is perfectly situated for students of the nearby Oxford Brookes, as well as students at the University of Oxford, as Cowley is a popular area in the city for students at both universities.
Despite extensive assets across the country, Stonemason House is Empiric's first venture into the city of Oxford, a city traditionally dominated by university-owned accommodation.
The property will be operated through Empiric's Hello Student brand.