Empiric acquires student accommodation property in Bath: 2 Oolite Road
18th July 2016
The Board of Empiric Student Property plc is pleased to announce that the Group has acquired the freehold of a 31 bed student accommodation property in Bath for £2.6 million (excluding costs).
2 Oolite Road is a newly constructed student accommodation asset that was completed in May 2016 for the 2016/17 academic year. The property comprises 31 beds in a mix of four, five and six bed en-suite apartments and is located in a popular residential area on the university side of Bath city centre, with local bus routes that provide easy access to the city and the University of Bath.
The property has been acquired from IESIS Limited, an established local developer and operator of purpose-built student accommodation in Bath and Bristol, which is currently developing the 1-3 James Street West in Bath on behalf of Empiric. Hello Student® will be responsible for managing the Oolite Road scheme.
The Group has also entered into a nomination agreement with the University of Bath (the "Nomination Agreement") in respect of the property. The duration of the Nomination Agreement is for five years from commencement in September 2016 over which time the beds will be directly let at current market rates to students provided by the University of Bath, on the same terms as the nomination agreement in place for the Group's four other assets in Bath.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"We are very pleased to have acquired our fifth student accommodation property in Bath. At the start of the 2016/17 academic year, we will have a total of 385 beds in operation in Bath, all of which are subject to nomination agreements with the University of Bath. As a UNESCO World Heritage city, there are limited opportunities for suitable development sites in Bath, which has two key universities with increasing student numbers and applications. Further, 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. This acquisition is in line with Empiric's investment criteria and returns profile."
Questions? Get in touch using the contact details below.
Questions? Get in touch.
Empiric Head Office
Empiric Student Property plc
1st Floor, 72 Borough High Street London, SE1 1XF
+44 (0)20 3828 8700
Dido Laurimore/Eve Kirmatzis
+44 (0)20 3727 1000
Tom Yeadon/Andrew Morris
Jefferies International Limited
020 7029 8000
Capel Irwin / Carl Gough
Peel Hunt LLP
020 7418 8900