Empiric Student Property has announced that it has entered into a nomination agreement with Falmouth Exeter Plus, which delivers all shared services, including accommodation, to the students of Penryn Campus, in respect of the Group’s existing 137 bed operating property in Falmouth, Maritime Studios (pictured). The duration of the Nomination Agreement is for three years from commencement in September 2016. Under the terms of the Nomination Agreement, Maritime Studios will be directly let to students from Falmouth University, which FX Plus will provide and the Group will benefit from a guarantee of 100% of the annual fee income for the available accommodation for the duration of the Nomination Agreement. The Annual Fee, which the company says has been agreed at current market rates, will be subject to an annual increase of between 2 to 5%, with reference to the Retail Price Index.
Empiric say that the Nomination Agreement provides Empiric with committed income for its current operating Falmouth property for a three-year period at current market rates, subject to annual increases. This is the Group’s second nomination agreement and Empiric say that, as with the previous agreement for the Group’s assets in Bath, this remains a direct-let model with the added benefit of the Annual Fee being underwritten.
Empiric Student Property signs nomination agreement for Maritime Studios in Falmouth : ESP