Empiric Student Property has announced the acquisition of St Margaret’s Flats (pictured) – a freehold, operational, direct-let, student accommodation property in Durham for £5.1m (excluding acquisition costs). Built in 1994, the property has 109 beds, principally comprising 5-bed flats, across five blocks and was refurbished for the 2011/12 academic year. This included the replacement of all kitchens, bathrooms and furniture. The property, which is managed by CRM Students Limited, historically has enjoyed high levels of occupancy and is already fully let for the 2015/16 academic year.
ESP : Empiric Student Property acquires St. Margaret’s Flats in Durham