Empiric Student Property is buying the freehold of a high quality purpose-built student accommodation scheme on Pendennis Rise, in Falmouth, for £8.1m (excluding costs).
The property is located next to the Falmouth Docks, within a few minutes’ walk to the Woodlane campus of Falmouth University and the marine School, and with good public transport links to the Penryn campus, a mile from Falmouth, which is shared by Falmouth University and the University of Exeter. It is also within a 10 minute walk of Falmouth town and its amenities.
Maritime Studios comprises 146 large, self-contained studio apartments, with communal facilities, and the Group has acquired the freehold to all the studios. However, 14 of the studios have been sold off on long leases, resulting in 132 beds under Empiric’s ownership. Maritime Studios is a high yield property which was fully let for the 2014/15 academic year and is already 100% pre-let for the 2015/16 academic year.
ESP : Empiric buys student block in Falmouth