£13 million student housing purchase
by Marco Cillario Thu 7 April 2016, 12:10 pm
Recently-built student accommodation in Reading has been acquired by a student property operator in a multimillion pound purchase.
Empiric Student Property announced on 29 March 2016 that it had bought the freehold of Saxon Court, an 83-bed student accommodation building, for £13 million (excluding costs) from the developer, Bywater Properties.
It is an all-studio development with communal facilities and a basement car park which is let for a five-year term to a local operator.
Developed for the 2015/16 academic year, the scheme is located in central Reading, within walking distance to the station and Whiteknights campuses of the University of Reading, ranked in the top 30 of The Times Good University Guide 2016.
Saxon Court is Empiric’s first acquisition in the town, and chief executive Paul Hadaway said it was an “attractive investment location”.
He explained: “Reading is home to 12,590 full-time students, of whom 31% have come from abroad and 24% are postgraduates (HESA 2014/15).
“The town, which has the fastest growing economy in England, is a short train journey to London and is in close proximity to Heathrow Airport and the historic town of Windsor.”