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LONDON (Alliance News) - Student accommodation operator Empiric Student Property PLC said Friday it has purchased the freehold of a site in Falmouth for GBP2.3 million.
Empiric Student said it was in the process of applying for planning permission with Cornwall County Council to build a 287 bed student accommodation property on the site in Pendennis Rise, Falmouth.
Empiric Student said the property will comprise two buildings, one of which will be a mix of studios and two and three bed apartments, and the other a combination of four and six bed town houses. Empiric Student added 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 company added 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.
Empiric Student added that it will enter into an "appropriate development contract" on receipt of planning permission and, on completion of the development, it will own 425 operating beds in Falmouth.
"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," said Chief Executive Paul Hadaway.
Shares in Empiric were flat at 111.75 pence on Friday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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