Empiric Student Property has bought a 64-unit student accommodation property in Edinburgh for £7.15m.
The property at 53-65 South Bridge comprises 29,000 sq ft of second, third and attic floor space in five adjoining tenement buildings on South Bridge between Drummond Street and Infirmary Street.
It is leased to the University of Edinburgh until March 2020 on an internal repairing lease.
The university will continue to operate the building until 2020, at which point Empiric will refurbish the site and Hello Student will take over its management.
Tim Attlee, acting chief executive of Empiric, said: “South Bridge is our third acquisition of Edinburgh, a city of high-quality higher education and a vibrant cultural capital.
“The property benefits from an existing lease with the University of Edinburgh, guaranteeing full occupancy for its remaining term.
“We are very pleased to acquire this property in a market with limited private sector, purpose-built student accommodation.”
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