Luxury student flats planned for First Street

A WILMSLOW developer is planning an upmarket 11-storey block at the First Street site in Manchester aimed at post-graduate students.

Vita, which already has a student scheme in Liverpool, has submitted plans for 279 luxury serviced apartments and a 1,800 sq ft commercial unit on the ground floor. The building has been designed by Manchester-based 5Plus Architects.

In newly-filed accounts Ask Developments, which is developing the First Street site, said it had agreed terms to sell the plot at a “premium land value”.

The First Street site already has approval for a £20m cinema and theatre building, an 11-storey 208-bed Melia hotel, a 10-storey car park and 30,000 sq ft of restaurants, bars, and shops.

Vita is owned by Mark Stott who founded Select Property, which specialises in selling properties in Dubai.

Construction is due to start in the spring, subject to planning consent, and the first residents will move in for the 2014-15 academic year.

A planning document states: “The catalytic effect of the Vita proposal which will be delivered alongside the First Street North proposals, will be to realise the vision for a major new mixed use city centre quarter at First Street, and the creation of a ‘sense of place’ at this quarter.

“Furthermore, the Vita proposals will assist in building a strong economy on several levels. Firstly, the construction of the development will create employment; the introduction of a predominantly student population to First Street will contribute to the economy on a local level in their subsequent use of facilities and services; and finally, Vita Manchester will attract students to Manchester who might not otherwise choose to locate there, which increases the likelihood of such students remaining in Manchester.”

Ask Developments’ accounts show the group generated revenue of £17.2m in the year to the end of March, up from £4.1m, after stripping out joint venture deals. Pre-tax losses narrowed from £18.7m to £6.7m. Net debt at March 31 was £69.3m, up from £66.8m last time.