Empiric Student Property has announced the acquisition of Claremont Place in Newcastle, a terrace of Grade II listed buildings being converted to a luxury, direct-let, student accommodation property by specialist developer, Ziggurat Student Living. The building is expected to be operational by September 2015, in time for the 2015/16 academic year.
The property is immediately adjacent to Newcastle University and within a ten minute walk of Newcastle city centre. To the north of the property lies Town Moor, a large public park, which a number of the rooms will have a view over, and beyond that is the area of Jesmond which is widely considered to be one of the most prosperous suburbs and especially popular with more affluent students.
The property comprises 88 self-contained studio apartments of varying sizes, over half of which are suitable for double occupancy. The property is currently taking bookings for the 2015/16 academic year. Atelier Property Asset Management (a company related to Ziggurat), will continue to manage the property on behalf of Empiric.
The acquisition price is £11m and the Group will benefit from a 100% rental guarantee from the developer for the 2015/16 academic year.
ESP : Empiric invests £11m in Newcastle