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Empiric Purchases Edinburgh Student Accommodation for £7.15m

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Empiric Student Property has announced the acquisition of a 71-bed student property in Edinburgh for £7.15 million.

Consisting of five adjoining buildings on South Bridge, each building has its own entrance from the street, with separately owned retail units below.

The property is a mix of studios and cluster flats and was originally build in the late 18th century.

Located directly opposite the Old College, the accommodation is in close proximity to university buildings as well as the city centre.

The accommodation is leased to the University of Edinburgh until March 2020. Upon completion of the transaction, the University of Edinburgh will continue to operate the building until 2020. Once the lease expires, the building will be refurbished, and managed by Empiric's Hello Student brand.

Commenting on the deal, acting chief executive of Empiric Student Property, Tim Attlee, said: "South Bridge is our third acquisition in Edinburgh, a city of high quality higher education and a vibrant cultural capital. The property benefits from an existing lease with the University of Edinburgh, guaranteeing full occupancy for its remaining term. We are very pleased to acquire this property in a market with limited private sector, purpose-built student accommodation. This acquisition is in line with Empiric's investment criteria and returns profile."