The Board of Empiric Student Property plc is pleased to announce that the Group has exchanged contracts to acquire, subject to planning, the freehold of a site on Pendennis Rise, Falmouth, at a cost of £2.3 million (excluding fees). 

The Company is in the process of applying for planning permission with the Cornwall County Council for a 287 bed premium student accommodation development on the property. The scheme will comprise two buildings, one a mix of studios and two and three bed apartments and the other a combination of four and six bed town houses.  It will be developed in two phases, the first to be completed in time for the 2017/18 academic year and the second phase in time for the 2018/19 academic year.

The site is located adjacent to Empiric's existing operating property, Maritime Studios, within a few minutes' walk to the Woodlane campus of Falmouth University and the Marine School, and with good public transport links to the Penryn campus, a mile from Falmouth, which is shared by Falmouth University and the University of Exeter. It is also within a 10 minute walk of Falmouth town and its amenities.  On completion of both phases of the development, the Group will own 425 operating beds in Falmouth.

On receipt of planning permission, the Company will enter into an appropriate development contract.  Further information regarding the proposed project will be announced in due course.

Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:

"This is the Group's second acquisition in Falmouth, which is undergoing a significant increase in student numbers as a result of Falmouth University's growth plans and has a limited supply of new purpose-built student accommodation. This acquisition is in line with Empiric's investment criteria and returns profile."