Student flats sold for £8M

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Maritime House Falmouth

An independent firm of chartered surveyors has secured one of the highest value property investment purchases in Cornwall this year.

Miller Commercial has negotiated the deal on behalf of Empiric Student Property plc to acquire the freehold of Maritime Studios in Falmouth for £8.1 million.

The property, which is located next to Falmouth Docks and the rail terminus, is within a few minutes’ walk to the Woodlane campus of Falmouth University and the Marine School. It comprises of 146 large, self-contained studio apartments with communal facilities.

Miller Commercial’s property investment partner, Peter Heather, said: “Maritime Studios is already 100% pre-let for the 2015/16 academic year, and offered my client, a great opportunity to acquire one of only two purpose-built student apartment blocks within Falmouth in an off market transaction.

“The market for student accommodation in the UK is the ‘hot ticket sector’ this year and according to a recent article in the Estates Gazette, portfolio transactions have hit their highest half-year level in a decade, with £11.5 billion traded in the first half this year, with the sector providing opportunities for funds seeking large long-term investments.

“Falmouth presented an ideal opportunity where the growth in student numbers here is expected to nearly double by 2018.”