The scheme involves the conversion of a former 6,048m2 office block into 211 luxury studio apartments with appropriate study and communal leisure facilities.
The construction of Vita Student at Richmond House will last about ten months, expected to be completed by the start of the 2014-15 academic year.
This scheme is Vita Ventures’ seventh student project in the UK with other projects located in Liverpool, Manchester, Bristol and Exeter.
CEO of Vita Ventures, Trevor Moore, said: “The acquisition of Richmond House marks a key milestone for the business as it brings our portfolio value up to more than £100 million and our total number of student apartments under construction up to 1,145; a huge achievement in less than two years.
“One of our differentiating factors is that we manage every stage of our developments, from land procurement right through to finding the tenants year after year. This is vital if we are to deliver true quality as it allows us to have complete control of every stage.”
Starting from the end of this month, the studio apartments will go on sale to private investors with the initial price of £67,800.
Photo: Construction Enquirer