A STUDENT accommodation site has been bought by a London-based company in a £5.1m deal.
Paul Hadaway, Chief Executive of Empiric Student Property plc, said that the company was “very pleased” to have acquired ownership of St Margaret’s Flats in Durham.
He said: “While student numbers are growing steadily, planning permission for new student accommodation developments in Durham is now difficult.”
He added that the company hoped to make “further enhancements” to the five block student property in the near future.
The flats have been used by students living in the area since its opening in 1994.
Located in the centre of Durham, close to the popular Crossgate area, the 22 five-bedroom apartments provide beds, desks, storage space, and communal facilities including parking.
The property was refurbished in 2011 by its managers, CRM Students Limited, and is already fully booked for the upcoming academic year.
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