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Empiric Student Property Buys Southampton Halls For GBP10.6 Million

Mon, 12th Feb 2018 11:22


LONDON (Alliance News) - Empiric Student Property PLC said Monday it acquired a student accommodation freehold in Southampton for GBP10.6 million.

Empiric bought the 240 bed Emily Davies Halls of Residence, which is fully occupied and leased by Southampton Solent University. The lease is on a full repairing and insuring basis until September 2019 with rent subject to annual rent increases.

Following lease expiry, Empiric intends to directly let the property.

"There are two universities in Southampton," Empiric explained, "both with major investment programmes underway, and the City has a growing full-time student population of approximately 32,400."

Emily Davies Hall is located on the edge of the city centre within a ten-minute walk of the Southampton Solent University campus. A regular bus service outside the property links the halls to the main campus of the University of Southampton.

Empiric also owns two further properties in Southampton: 173 bed Brunswick House and 46 bed London Road Studios. After the Emily Davies Hall deal, Empiric has 459 beds in Southampton which is equivalent to 9% of all private purpose built student accommodation in the city.

"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," Empiric Acting Chief Executive Officer Tim Attlee said.

"The property will also contribute to a reduction of the company's per-bed operating costs in the city," Attlee added. "The investment is immediately income producing and in line with Empiric's investment criteria and returns targets."

In December, Attlee replaced fellow co-founder Paul Hadaway as chief executive on a temporary basis. This was after Hadaway received notice of the termination of his employment.

Shares in Empiric were 0.4% lower at 83.20 pence on Monday.

By Ahren Lester; ahrenlester@alliancenews.com.

Copyright 2018 Alliance News Limited. All Rights Reserved.

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