Vita targets Bristol with upmarket student flats concept

UPMARKET student accommodation developer Vita has set its sights on Bristol after seeing strong demand in Manchester and Liverpool.

It has unveiled a £14m, 131-apartment scheme at Colston Avenue in the city.

The Wilmslow-based developer sells the appartments off-plan and guarantees rental yields for a set period, in this case five years.

Vita was set up by Mark Stott, founder of the Dubai-focused property investment business Select Property based in Wilmslow, and Chris Oakes of Alderley Edge-based upmarket developer Huntsmere. It has been backed by the founders and angel investors such as Angus Monro, chairman of The Hut Group and former Matalan chief executive.

It has started on site in Manchester at First Street where it is building 279 luxury serviced apartments and is also converting three buildings into 350 rooms in Liverpool. In a statement Vita said it has already sold sold out in Manchester.

Chief executive Trevor Moore said: “The rate of sale at First Street demonstrates that our instincts about the appeal of the project were exactly right. The response we had from investors has been overwhelming with people incredibly eager to get their hands on the studios.

“We know that the success of our projects in Manchester and Liverpool can be replicated at other university cities in the UK and Bristol is a fantastic place to start. With students flocking to the city and the demand for premium accommodation at an all time high, it is the ideal time to launch a new development in the city centre.”