Empiric Student Property (ESP) has announced the acquisition of student accommodation apartments in Cornwall. The property is located on Pendennis Rise in Falmouth.

The Maritime Studios accommodation comprises 146 large, self-contained studio apartments with communal facilities.

ESP has acquired the freehold to all the studios. However, 14 have been sold off on long leases, resulting in 132 beds under the Group's ownership.


Paul Hadaway, Chief Executive of ESP, said: "This is Empiric's first acquisition in Falmouth, home to Falmouth University, one of the leading modern universities with a highly regarded multi-arts focus.

"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."

Maritime Studios is a high yield property which was fully let for the 2014/15 academic year and is already 100% pre-let for the 2015/16 academic year.

(LM)