ESP : Empiric Student Property adds to Southampton exposure
Empiric Student Property has announced that it is paying £3.5m for a student accommodation property in Southampton.
The property is on London Road in in central Southampton, close to Southampton Solent University and between the city centre and the University of Southampton and has 46 beds arranged mainly as studios with a few two bedroom apartments plus bike storage and other communal facilities. It is 96% let for the 2014/15 academic year but Empiric say the vendor is giving them a rental guarantee that covers this period in any case.
The property is close to Empiric’s Brunswick House student accommodation block and so the management expenses can be spread across the two properties.