Empiric Student Property has announced that it has acquired the freehold of a 79 bed student accommodation property, Pavilion Court (pictured), in Canterbury, for £9.2m (excluding acquisition costs). The property, which is the company’s first acquisition in Canterbury, comprises 79 beds in a mix of studios and one, two, three and four-bed apartments. It was developed by the vendor, Pavilion Property Group, for the 2013/14 academic year and also includes a ground floor commercial unit, which is currently let to Sainsbury’s, on a lease extending to 2027. The next rent review, for the commercial unit, is due in February 2017.
Empiric says that the property has ‘let well’ historically, being 100% let for both the 2014/15 and 2015/16 academic years, and is letting in line with Empiric’s expectations for 2016/17. Empiric’s Hello Student® platform will be responsible for lettings and management of the property, which, to date, has been marketed by a local estate agent on behalf of the vendor. The property is located on St Dunstan’s Street in central Canterbury. Empiric say that the University of Kent is a 20 minute walk away and there is a regular university bus which stops outside the property. Canterbury Christ Church University is a 15 minute walk away, through the city centre.
Empiric Student Property acquires Pavilion Court in Canterbury for £9.2m : ESP