Empiric Student Property has exchanged contracts to buy a 199-year lease on a direct-let student accommodation property in Hatfield, Hertfordshire for £9.4m.
The company expects to complete the deal for Curzon Point, a 116-bed building on The Common which was completed in August 2013, on 17 December.
Curzon Point is comprised of both studio and multi-bed flats with communal facilities as well as a ground-floor shop, which is let to Pizza Hut on a 20-year lease.
It is fully let for the 2014/15 academic year and is managed by Corporate Residential Management.
Paul Hadaway, chief executive of Empiric Student Property, said: “The University of Hertfordshire, with approximately 25,000 students, has a high proportion of postgraduate students, coupled with a thriving international student community. This demographic creates a demand profile which, combined with a lack of supply of direct-let purpose-built student accommodation, makes Curzon Point an exciting acquisition for the company, in line with its investment criteria and returns profile.”
