Empiric Student Property has announced it has made a further investment in Exeter. It is spending £4.5m to buy Dean Clarke Lofts, a 30 bed, loft-style student accommodation block. It is a conversion of a Grade 2 listed, Georgian building on Southernhay Gardens in Exeter. It was completed in August 2013 and comprises 30 beds arranged in large loft-style studio apartments featuring mezzanine bedrooms.
They say it has been fully occupied since completion and that the property is conveniently located for both University of Exeter campuses and is close to the city centre. The ground floor retail unit is let to a local restaurant, the Cosy Club, with a 15 year lease. The property is 100 per cent. let for the 2014/15 academic year and is currently managed by Academy Property Consultants Limited. The acquisition takes the number of beds owned by the Company in Exeter to 132.
ESP : Empiric Student Property invests in Exeter