£42m PBSA Project in Norwich Won by McAleer & Rushe
14th Jan 2022
Empiric Student Property has acquired the freehold of the Emily Davies Halls of residence for £10.6 million.
The 240-bed student scheme is situated in Fitzhugh Street and comes with 65 commercially let car parking spaces.
Currently, the property is occupied and leased by Southampton Solent University on a full repairing and insuring basis until September 2019, with rents subject to annual RPI increases.
Empiric already has two building in Southampton, namely Brunswick House and London Road Studios.
Upon the lease expiring, Empiric will let the property on a direct basis, taking the total number of beds owned by the company to 459 in Southampton.
Commenting on the acquisition, Tim Attlee, acting chief executive of Empiric Student Property, said: "As envisaged in the company's 2025 plan, adding affordable accommodation to Empiric's existing studio stock in the city widens the rental range offered to students and allows cross-selling between accommodation formats."
"The property will also contribute to a reduction of the company's per-bed operating costs in the city."
