Vita Group begins work on Vita Student New Waverley – its latest purpose-built student accommodation (PBSA) scheme in Edinburgh, Scotland, appointing McAleer & Rushe as its lead contractor and securing a £51.8m development loan from Puma Property Finance.
Part of the £240m New Waverley regeneration project, plans to transform this brownfield site into Vita Student’s 267-bed residence can now be put into play.
The new plans – which included transferring the existing residential consent to cater to Edinburgh’s growing need for more student accommodation – were approved back in January and promise to deliver best-in-class student accommodation.
McAleer & Rushe will deliver the Vita Student New Waverley project. The company has been deeply invested in the redevelopment of this area of Edinburgh and this is its fifth project undertaken as part of the New Waverley Masterplan.
“We’re delighted to assemble our trusted partners McAleer & Rushe and Puma Property Finance so that work can get started on transforming this brownfield site into our third Vita Student residence in the city.
“Through this major investment into the redevelopment of New Waverley, the project will support economic growth creating new jobs for the city and provide much-needed student accommodation for Edinburgh’s growing student population.”
Max Bielby, Chief Operating Officer, Vita Group
Once finished, Vita Student New Waverley will include amenities such as a state-of-the-gym, social and study spaces, as well as Vita Student’s industry leading customer experience which has been designed to help students maximise their university experience and ‘Begin Big’.
Vita Student New Waverley will have commercial premises on the ground floor, and is situated in the old town, a five-minute walk from Edinburgh Waverley Station and a 15-minute walk to the University of Edinburgh’s main campus.
Targeting completion ahead of the 2026 academic year, the new PBSA scheme will be the third Vita Student residence in Edinburgh, with other sites located on Fountainbridge and Iona Street.
“We are delighted to be renewing our partnership with Vita on this mixed-use student and commercial development.
“The site offers a fantastic location for students – close to the city centre, transport links and the Edinburgh University campus.
“Vita Student’s developments are recognised as best-in-class in the PBSA market, and this site will be no different. We look forward to supporting the business again on more developments in the future.”
Kevin Davidson, Managing Director, Puma Property Finance
The contract award represents the fourth partnership between McAleer & Rushe and Vita Group, including the award-winning 269-bedroom Vita Student Belfast, and a new 540-bedroom development currently under construction in Birmingham city centre.
The Vita Student New Waverley PBSA development is the second that Puma has partnered with Vita on, having previously provided financing for the Vita Student Belfast development in September 2022.
“As an established construction partner to Vita Group, we have been entrusted to bring not only their vision to life but ensure the delivery of the final phase of this fantastic scheme reinvigorating this area of the city.
“Working collaboratively with Vita and the design team, our early engagement approach and technical expertise and knowledge has been invaluable to the development of this landmark scheme which will ultimately bring further investment into the city.”
Mark Diamond, Senior Director, McAleer & Rushe
