Empiric to acquire student accommodation in Glasgow
11th September 2015
The Board of Empiric Student Property plc is pleased to announce that the Group has exchanged contracts to acquire on practical completion the long leasehold of a property which comprises the conversion of an office block into a high quality turnkey student accommodation scheme on Bath Street, in Glasgow. 333 Bath Street is currently owned and is being developed by Maven Capital Limited and practical completion is expected later in September 2015, in time for the start of the academic year.
The property is being developed to a high specification and comprises 70 self-contained studios of varying sizes, with excellent communal facilities and amenity space. Located halfway between Glasgow's West End and Glasgow city centre, it is very well positioned providing convenient access to all three of Glasgow's main universities as well as the city's retail and entertainment centre. In addition to the University of Glasgow in the West End, Glasgow is home to the University of Strathclyde and Glasgow Caledonian University, all of which are approximately a 10 minute commute from the property.
The Group will benefit from a 100% rental guarantee from the developer for the 2015/16 academic year
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"The acquisition of 333 Bath Street complements Empiric's other two student accommodation assets in Glasgow, The Ballet School and Willowbank, and will result in Empiric owning 351 operating beds in the city at the start of the 2015/16 academic year. Research into the Glasgow market shows that between approximately 20,000 and 25,000 full-time students are without access to purpose-built accommodation. With this demand/supply dynamic, Glasgow remains an attractive investment market for the Group. 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