A student accommodation scheme in Bath city centre has been sold for £25m – almost 13 months ahead of its expected completion.
London-based Empiric Student Property exchanged contracts this week to acquire the freehold of the site on James Street West in a move that reflects the strength of the market in Bath.
The property, which is owned and being developed by James House Ltd, includes three blocks of up to four storeys around a central courtyard. It will have space for 169 beds in a mix of townhouses and self-contained studios. 
Building work is expected to be finished in September next year – in time for the 2016/17 academic year.
The popularity and growth of the University of Bath and Bath Spa University is creating spiralling demand for private student accommodation in the city. An estimated 10,000 rooms are privately rented to students in and around the city centre – meaning these properties cannot be used by local families.
Empiric is a major investor in modern, premium student accommodation in prime central locations in the UK’s top university towns and cities.
Chief executive Paul Hadaway said: “This is Empiric’s first investment in Bath, a prime target university city for the company, with two key universities and a number of other higher education institutions, resulting in full-time student population of over 20,000.
“The University of Bath, ranked 10th in The Times Good University Guide 2015, is in the middle of a £150m capital investment programme, with consistent growth in student numbers.
“Bath Spa University has also recently completed a £70m development programme and latest figures from UCAS show a significant increase in student applications. This acquisition is in line with Empiric's investment criteria and returns profile.”
Empiric, which is chaired by Labour peer and former print union leader Baroness (Brenda) Dean, has two Bristol developments among its portfolio, with its 84-bed scheme on College Green boasting a gym, cinema room, games rooms and work rooms.
It recently acquired a 146-bedroom student accommodation scheme in Falmouth for £8.1m.
