UK: MRP, the investment and development arm of construction group McAleer & Rushe has announced a forward funding deal with Vita Group to develop a 271-key PBSA scheme in Belfast.
The project will be the third partnership between MRP and Vita, with work already under way on the £105 million Cannon Park development in Coventry, and planning submitted for another site in Birmingham.
The 15-storey tower block off Belfast’s Great Victoria Street secured planning consent in Dece,per 2021 and will feature 271 studio apartments, large design-led hub spaces, private study and dining rooms and a gym.
McAleer & Rushe began construction in January, with the development set to complete next summer in time for the 2023/24 student year intake. Designed by Todd Architects, the red brick building will have a five storey podium base on Bruce Street upon which sits a narrower 10-storey element.
Max Bielby, chief operating officer at Vita Group, said: “Belfast presents an exciting opportunity for us. The city attracts top talent from around the world to study at its main universities and is currently under-served by existing purpose-built student accommodation.
“This puts pressures on the local housing market and so there is pent up demand for quality student accommodation, helping to attract more talent from Northern Ireland and around the world. We are pleased to build on our partnership with MRP in creating the best student living experience Belfast has ever seen,” he added.
Graham Mitchell, development director at MRP said: “We’re delighted to announce another funding deal with Vita, one of the leading providers of student accommodation, building on our strong working partnership to date. This project supports the very significant demand there is for student accommodation in Belfast city centre and help to further improve the broad appeal of Belfast as a location for international students.
“It will deliver exceptionally high-quality living space in a prominent location with great access to transport infrastructure and close proximity to Belfast’s main university campuses. Combined with Vita’s top level of on-site services, it will significantly add to Belfast’s vibrant student offering and create an experience for the residents, which is not currently available in the market,” he added.
Click here to listen to our latest podcast interview with Ioannis Verdelis of Vita Group.
