A SOUTHAMPTON student block has been acquired in a multimillion-pound deal.

Empiric Student Property has bought the freehold of the Emily Davies Halls of Residence, a 240-bed property in the city centre for

£10.6 million.

The property in Fitzhugh Street also has 65 commercially let car parking spaces.

Currently, the property is occupied and leased by Southampton Solent University on a full repairing and insuring basis until September 2019 with the rent subject to annual RPI increases.

Empiric’s also has two existing buildings in Southampton, Brunswick House (173 beds) and London Road Studios (46 beds).

Following the expiry of the lease, Empiric intends to direct let the property which means the company will own 459 beds in Southampton amounting to approximately nine per cent of Southampton’s private purpose-built student accommodation.

Company bosses say the investment comes at a perfect time especially as the two universities in Southampton, both with major investment programmes underway.

Tim Attlee, acting chief executive of Empiric Student Property plc, said: “As envisaged in the company’s 2025 plan, adding affordable accommodation to Empiric’s existing studio stock in the city widens the rental range offered to students and allows cross-selling between accommodation formats.

“The property will also contribute to a reduction of the company’s per-bed operating costs in the city.”