Urban regeneration specialist and purpose-built student accommodation (PBSA) provider Vita Group has completed a deal with Manchester-based developer Ask Real Estate to acquire plot ten at its First Street Estate.
Longstanding advisors to Vita Group, law firm Shoosmiths, advised on the deal with Ask Real Estate.
“We are delighted to complete the deal with Ask Real Estate. First Street is one of the city’s most exciting destinations with huge investment going into the redevelopment of the area. House of Social will complement this vibrant neighbourhood, adding to the great offering which already exists.”Mark Oakes, Chief Commercial Officer, Vita Group
First Street contains 100 cluster apartments with 576 student bedrooms split across a mixture of five and six bedroom ‘houses.’
Residents will also benefit from a variety of amenities including a gym and co-working space.
On the ground floor, the building will be brought to life with a vibrant food hall which will be open for residential and public use.
“Plot 10 and Vita Group’s House of Social concept will play a pivotal role in accelerating the completion of the First Street masterplan – adding to the neighbourhood, creating a vibrant place for people to visit and stay. It’s great to finalise this deal and further build upon our relationship with Vita Group.”John Hughes, Managing Director (MD), Ask Real Estate
Featuring a central bar, the food hall will create approximately 400 covers, with five independent kitchens bringing forward some of the city’s most exciting new food concepts.
The deal for plot ten at First Street follows Vita Group’s recent successful planning application to develop its first House of Social residence at the site.
“The Shoosmiths real estate team has supported Vita Group over many years and we are proud to have advised on this latest land deal, with the transaction not only kickstarting development, but also signifying the start of the legacy House of Social will leave in Manchester.”Vanessa Rickard, Legal Director, Shoosmiths
Designed for second- and third-year students who have established friendship groups, each ‘House’ is centred around a beautiful open plan kitchen and lounge space, designed to bring housemates together with large ensuite bedrooms on either side.
Each room has been carefully designed to create the ultimate student room, including both casual relaxation space and a more formal study space with plenty of storage and its own en-suite bathroom.