Empiric Student Property Acquires Falmouth, UK Development Site for GBP 2.3m.
2 May 2016 - UK-based student housing investor Empiric Student Property plc (LSE: ESP) has exchanged contracts to acquire, subject to planning, the freehold of a site on Pendennis Rise, Falmouth, at a cost of GBP 2.3m (USD 3.37m), the company said.
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.
Empiric said that 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 ten 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.
Empiric Student Property plc (incorporated in England and Wales) is an internally managed real estate investment trust investing in modern, direct-let, premium, student accommodation, both standing and development assets, with a focus on quality and with assets generally in prime central locations in top university cities and towns in the UK.
The company listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in June 2014.
Sector: Construction/Real Estate
Target: Freehold of a site on Pendennis Rise, Falmouth
Buyer: Empiric Student Property
Deal size in USD: 3.37m
Buyer advisor: , ,