Firm says St Andrews ‘held in extremely high regard’ after £26 million student property purchase

A St Andrews students residence is under new ownership following a multi-million pound deal.

Ayton House, which opened last year, has been purchased by the student accommodation company Empiric for £26 million.

The development features a range of properties, including studios and four and five-bed en-suite apartments.

The firm already operates residences across the country, with the purchase of Ayton House marking its first foray in to St Andrews.

Chief executive Paul Hadaway said: “Ayton House is a fantastic addition to the Empiric portfolio and marks the company’s first acquisition in St Andrews, a university town which is held in extremely high regard by both domestic and international students.”

He added: “Ayton House is one of only two purpose-built student accommodation schemes in St Andrews, which continues to suffer from a significant supply and demand imbalance.

“This acquisition is in line with Empiric’s investment criteria and returns profile.”