Acting on behalf of a private investor, J&E Shepherd Chartered Surveyors has acquired student residence and retail investment property at 59-67 Ratcliffe Terrace, Edinburgh for £4.8m.

Let to Edinburgh University for 20 years, the property comprises a multi-storey front block incorporating two retail units on the ground floor and student accommodation above. To the rear is a mews building providing additional student accommodation. The student residence incorporates 70 bedded units with communal bathroom, WC and kitchen facilities.

Ratcliffe Terrace is situated in the Newington area of Edinburgh, a popular residential location both for students and private housing. The area is popular with students due to its proximity to a number of existing student residencies including Pollock Halls, Edinburgh University’s premier student residence. Ratcliffe Terrace is one of the main arterial routes providing access to the city centre from the south and is served by various bus routes.

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Ian Hannon, partner at J&E Shepherd, said: "The significance of the student market to Edinburgh is substantial and is an expanding sector generally providing attractive investment opportunities.

"The sector is expected to grow as the number of students in the UK rise and demand outstrips supply. Indeed, investors have come to view the sector as relatively secure and stable amid the current economic uncertainty especially given the guaranteed annual uplifts on rent geared to RPI and the current yields being provided by government bonds.

"All in all this will prove to be an excellent long term investment for our clients."

Ryden represented the vendor Seaforth Properties, which specialises in the student accommodation market.

(GK/JM)