Empiric agrees sale of Emily Davies House PBSA

Empiric Student Property agrees the sale of its Emily Davies House purpose-built student accommodation scheme in Southampton.

Emily Davies House student accommodation development. Empiric Student Property agrees the sale of the scheme to Far East Orchard Limited | PBSA News
Emily Davies House student accommodation development. Empiric Student Property agrees the sale of the scheme to Far East Orchard Limited.

Empiric Student Property plc, the owner and operator of premium student accommodation across the UK, announces that it has agreed the sale of Emily Davies House, a purpose-built student accommodation (PBSA) development in Southampton to Far East Orchard Limited for £13.9m. The sale price reflects a net initial yield of 5.7&, with pricing ahead of 30 June 2022 book value. 

The Emily Davies House PBSA development comprises three-to-four-bedroom apartments with shared bathrooms and kitchens. It is currently configured to provide 180 beds. The property is located within walking distance of the city centre and Southampton Solent University.

The sale remains conditional on the completion of minor works on or before 30 April 2023. Once the sale concludes, Empiric Student Property would have generated £71.5m from its disposal programme of non-core assets.

“The sale of Emily Davies House is in line with our non-core disposal programme and releases capital for recycling into our core portfolio refurbishment programme. Against the backdrop of wider macro-economic uncertainty, this sale demonstrates the continued attractiveness and resilience of PBSA.” 

Duncan Garrood, Chief Executive Officer, Empiric Student Property plc

Empiric Student Property plc is a leading provider and operator of modern, predominantly direct-let, premium student accommodation located in high-demand university towns and cities across the UK. Investing in both operating and development assets, the company is a fully integrated operational student property business focused on premium studio-led accommodation managed through its Hello Student® operating platform, that is attractive to affluent growing student segments.