Empiric goes shopping for first student property in Falmouth
EMPIRIC Student Property said yesterday it has bought its first student scheme in Falmouth for £8.1m as the company continues its buying spree.
The listed student accommodation provider said Maritime Studios comprises of 146 large studio apartments and is located close to Falmouth University’s Woodlane campus on Pendennis Rise.
It has bought the freehold to all the studios. However, 14 of them have been sold off on long leases, resulting in 132 beds under Empiric’s ownership.
Empiric chief executive Paul Hadaway said: “While the current student population in Falmouth is just over 5,000, Falmouth University has published plans to increase its intake to a total of 8,000 by 2018 and there is a limited supply of new purpose-built student accommodation. This acquisition is in line with Empiric’s investment criteria and returns profile.”