22nd May 2015 06:36
LONDON (Alliance News) - Empiric Student Property PLC Friday said it has acquired the freehold on an operational, direct-let student accommodation property in Durham for GBP5.1 million.
The St Margaret's Flats building was construction in 1994 as a resident for the University of Durham and has 109 beds, primarily comprising 5-bed flats.
"While student numbers are growing steadily, planning permission for new student accommodation developments in Durham is now difficult, which is increasing the demand/supply imbalance. We are, therefore, very pleased to have acquired St Margaret's Flats, in a prime location and on a high yield, with the potential for further enhancement in the future," said Chief Executive Paul Hadaway.
By Sam Unsted; [email protected]; @SamUAtAlliance
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