Empiric Student Property has bought the freehold of a 44-bed student accommodation property in Oxford for £4.5m.
Stonemason House off Cowley Road has been bought from a local housing association.
It was built in 2011 and since completion has been leased to St Cross College of the University of Oxford. The current three-year lease is due to expire in September 2017.
Paul Hadaway, chief executive of Empiric Student Propert,y said: “Stonemason House is our first acquisition in Oxford, a city synonymous with higher education in the UK. The property benefits from an existing lease with St Cross College, guaranteeing full occupancy for the term of the lease.”
The property will be managed through the Company’s Hello Student operating platform.
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