Empiric Student Property has announced that it has acquired the freehold of a 31 bed student accommodation property, 2 Oolite Road, in Bath for £2.6m (excluding costs). The property is the fifth student accommodation property in Bath and it has been acquired from IESIS Limited, an established local developer and operator of purpose-built student accommodation in Bath and Bristol, which is currently developing the 1-3 James Street West in Bath on behalf of Empiric. Hello Student® will be responsible for managing the Oolite Road scheme.
The company says that 2 Oolite Road is a newly constructed student accommodation asset that was completed in May 2016 for the 2016/17 academic year. The property comprises 31 beds in a mix of four, five and six bed en-suite apartments and is located in a popular residential area on the university side of Bath city centre, with local bus routes that provide easy access to the city and the University of Bath.
Empiric says that it has also entered into a nomination agreement with the University of Bath in respect of the property. The duration of the Nomination Agreement is for five years from commencement in September 2016 over which time the beds will be directly let at current market rates to students provided by the University of Bath, on the same terms as the nomination agreement in place for the Group’s four other assets in Bath. The company says that, for the start of the 2016/17 academic year, they will have a total of 385 beds in operation in Bath, all of which are subject to nomination agreements with the University of Bath.
Empiric Student Property acquires its fifth property in Bath : ESP