ESP : Empiric Student Property expands in Cardiff
Empiric Student Property has announced the exchange of contracts on two freehold properties in Cardiff that are purpose built student accommodation blocks.
They are paying £3.5m for Alwyn Court (pictured), on Salisbury Road in Cardiff. This block is up and running with 51 beds and communal facilities. They say it is a five minute walk from the university and is close to the existing property they own (Summit House) and their other new acquisition (important as it should allow them to share some of the running costs).
The other deal is to buy Northgate House. this is on the Kingsway in Cardiff and is not yet finished (completion is anticipated in January 2015). they are spending £5.2m to acquire this 67 bed facility which again has communal facilities and is an easy walk to the university.