Empiric acquire second student development in Bath
Empiric Student Property has acquired its second property in Bath in the space of a week, buying a building on James Street West, for a price of £7.65m.
It has exchanged contracts with the property’s developer Lesis Group to acquire the student accommodation scheme on its completion.
The proposed three storey building is being developed to Empiric’s specifications and will feature 78 en-suite bedrooms in 15 self-contained apartments, with communal facilities.
The property will also have a ground floor retail unit that is being retained by the freeholder, Bath & North East Somerset Council.
Practical completion is expected in September 2016, in time for the 2016/17 academic year.
Paul Hadaway, chief executive of Empiric Student Property, said: “”This is the second commitment in Bath for the Company, following the forward commitment on James House announced recently.
Once both developments complete in September 2016, Empiric will own a total of 247 beds in Bath.
Last week, Empiric announced it was to buy a new-build student accommodation development in the city for a total investment of £25m …