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Empiric acquires development site in Bristol

07 August 2017 07:47

Empiric Student Property has acquired, on an unconditional basis, the freehold of the former St Mary's Hospital (in Bristol for £8.08m, excluding costs.

The current site comprises a 3,400 sq m former hospital building and 65 car parking spaces.

The company said it was in the process of preparing a planning application for a 100+ bed premium student accommodation development which would comprise a mix of studios, two bed apartments and townhouses with a generous amount of student amenity space including a central reception area, large common and games room, work and reading rooms, a gym and offices.

The company said it was targeting the start of development works in Q3 2018.

Chief executive Paul Hadaway said: "Bristol is a prime location for the Group, and the St Mary's Hospital site is ideally situated to target students at the University of Bristol.

"The University is planning for significant growth across the city, and suffers from a shortage of good quality student accommodation.

"This will be Empiric's third asset in Bristol, resulting in a portfolio serving circa 0.7 per cent. of Bristol's full-time student population when complete, helping to relieve the city's supply-demand imbalance.

"This acquisition is in line with Empiric's investment criteria and returns profile."

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