UK: Vita Group has completed a deal with Manchester-based developer Ask Real Estate to acquire plot 10 at Ask’s First Street Estate.
The acquisition follows Vita Group’s recent successful planning application to develop its first House of Social residence at the site. House of Social is described as “the student house re-imagined”. Designed for second- and third-year students who have established friendship groups, each ‘House’ is centred around an open-plan kitchen and lounge space, designed to bring housemates together, with large en suite bedrooms on either side.
Each room includes both casual relaxation space and a more formal study space, with storage and an en-suite bathroom. In total, the First Street residence will have 100 cluster apartments with 576 student bedrooms split across a mixture of five- and six bedroom ‘houses’. Residents will also benefit from amenities including a gym and coworking space.
On the ground floor, the building will feature a food hall which will be open to residents and the general public. Featuring a central bar which will provide a focal point, the food hall will create approximately 400 covers, with five independent kitchens.
Mark Oakes, Vita Group chief commercial officer, said: “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.”
John Hughes, managing director of Ask Real Estate, said: “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.”
Vanessa Rickard, legal director at Shoosmiths, which advised on the deal, said: “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.”
The deal follows recent site acquisitions for Vita Group in Glasgow and Birmingham.
