Unprecedented demand from investors for the luxury student apartments has led to the scheme selling out in four months.
Wilmslow-based provider of luxury student accommodation, Vita Student, has now sold all of the 279 bespoke student apartments at its £25 million development at First Street in Manchester.
The majority of the UK and overseas investors have been attracted by the guaranteed 9% rental yield for two years as well as the central location and premium specification of the project which will ensure a high occupancy rate.
It was first launched for sales in February 2013 and all the apartments have been purchased off-plan. Work has recently begun on-site with the students set to move in during September 2014.
The project offers students the chance to live in luxury self-contained studios which include a kitchen, bathroom, bedroom, free 100MB broadband and a flat screen smart TV. They will also have access to a communal student ‘hub’ that features leisure facilities, study areas and retail units.
The success of this project and the company’s three developments in Liverpool, has led to the expansion of Vita Student across the UK and it has just announced the launch of a brand new £14 million development in Bristol city centre.
Comprising of 131 luxury student apartments, the development on Colston Avenue has been designed to benefit from the high student population but relatively low number of student beds.
It is due to launch for sales on 25th July and investors will benefit from an assured 7% rental yield for five years.
Trevor Moore, CEO of Vita Ventures, 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.”