Empiric buys new student accommodation in Bath

(ShareCast News) - Empiric Student Property has exchanged contracts to acquire the freehold of a site to be developed into a student accommodation scheme in Bath for a total investment of £25m.The property, which is located on James Street West, just to the west of the city centre, is currently owned and being developed by James House Limited and it's expected to be completed in time for the 2016/17 academic year. The site is equidistant from the University of Bath and Bath Spa University, with a 20 minute bus journey to either campus.Empiric said the development will include three blocks of up to four storeys around a central courtyard, with 169 beds in a mix of multi-bed townhouses and self-contained studios.Chief executive Paul Hadaway said: "This is Empiric's first investment in Bath, a prime target university city for the Company, with two key universities and a number of other higher education institutions, resulting in full-time student population of over 20,000."At 1400 BST, Empiric shares were up 0.4% at 110.40p.