Empiric Student Property has exchanged contracts to acquire on practical completion the freehold on a site to be developed into a high quality turnkey student accommodation scheme on James Street West, in Bath, for a total investment of £25m (excluding acquisition costs). The property is currently owned and is being developed by James House Limited and practical completion is expected for September 2016, in time for the 2016/17 academic year.
The property is located in central Bath, just to the west of the city centre, and within a short walk to Bath Spa railway station. It is equidistant from Bath’s two universities, the University of Bath and Bath Spa University, with a 20 minute bus journey to either campus.
The proposed new build development will comprise three blocks of up to four storeys around a central courtyard area, with 169 beds in a mix of multi-bed townhouses and self-contained studios, with communal facilities. The property is being developed to Empiric’s current high quality specifications.
James House Limited, together with CRM as letting agent, will be responsible for the marketing and letting of the scheme for the 2016/17 academic year, with a marketing suite available from January 2016. The Company will benefit from a rental guarantee for the first year of operation.
Empiric say Bath is a prime target university city for the Company, with two key universities and a number of other higher education institutions, resulting in full-time student population of over 20,000. The University of Bath, ranked 10(th) in The Times Good University Guide 2015, is in the middle of a £150m capital investment programme, with consistent growth in student numbers. Bath Spa University has also recently completed a £70m development programme and latest figures from UCAS show a significant increase in student applications.
ESP : Empiric buys development in Bath