Empiric Student Property (ESP) has purchased the freehold of a 31-bed student accommodation block in Bath for £2.6 million.
The newly constructed student housing is located on 2 Oolite Road and was completed in May 2016 for the 2016-17 academic year.
The property consists of 31 beds arranged in a mix of four, five and six bed en-suite apartments and is located in what is a popular residential area on the university side of Bath city centre. Local bus routes will help to provide easy access into the city as well as the University of Bath.
The property was bought from IESIS, a well-established local developer and operator of purpose built student accommodation.
For this particular unit Hello Student will take responsibility of managing the scheme.
The group has also entered into a nomination agreement with the University of Bath. This will run for five years as of September 2016, during which time beds will be directly let at current market rates to students provided by the University of Bath, which will be under the same terms as the group's other four assets located in Bath.
According to Empiric Student Property chief executive Paul Hadaway, "the provision of this purpose-built accommodation ensures that the existing limited housing stock in the city is not under additional pressure for student accommodation." The acquisition is also said to be in line with the company's investment criteria and returns profile.