Empiric Student Property acquires £5.1m Durham flats

22nd May 2015 12:15

Empiric Student Property has acquired the freehold on a block of flats in Durham for £5.1m.The St Margaret's Flat building, built in 1994 with strong links to the University of Durham, will open its 109 bedrooms to students on a direct-let basis.The building primarily consists of five bedroom flats and tenancies will be synchronised with the academic year on a rolling, 9-month basis."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," said chief executive Paul Hadaway."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," he added.