Business

One of Belfast's most expensive student schemes sold as part of £300m deal

The Vita Student accommodation tower on Belfast's Bruce Street, which has been sold as part of a £300 million deal.
The Vita Student accommodation tower on Belfast's Bruce Street, which has been sold as part of a £300 million deal.
By Ryan McAleer

ONE of Belfast’s most expensive student accommodation schemes has been sold as part of a £300 million deal, just days after opening.

The Vita Group has sold its 269-unit Bruce Street scheme to Savills Investment Management, in a deal that includes two other Vita properties in Warwick and Edinburgh.

Vita Student will continue to operate the Belfast scheme, located between Dublin Road and Great Victoria Street.

The high-rise accommodation block was built by Cookstown-based construction group McAleer and Rushe for Vita.

The Co Tyrone company’s development arm, MRP, originally acquired the site in 2016 and built it over the course of 18-months at the corner of Little Victoria Street and Bruce Street.

Vita Student'ss scheme is one of the most expensive student accommodation developments in Belfast.
Vita Student'ss scheme is one of the most expensive student accommodation developments in Belfast.

Last month The Irish News revealed how Vita’s Bruce Street scheme, which used ‘TikTokers’ to help sell its rooms costing up to £290 per week, had completely sold out.

With prices starting at £184 per week, the 269 units are among the most expensive of the new wave of student accommodation options coming onto the market in Belfast.

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Ioannis Verdelis, chief investment officer for Vita Group, said: "The UK’s purpose-built student accommodation market continues to be an exciting and resilient asset class for investors as demand from students for high-quality PBSA continues to outstrip supply, creating an attractive proposition for any investor.

"We look forward to building on our relationship with Savills Investment Management as we deliver Vita Student’s class-leading brand experience for our residents across their buildings."

Last month it emerged that all 269-units at the Vita scheme in Belfast had sold out.
Last month it emerged that all 269-units at the Vita scheme in Belfast had sold out.

Adrian Martin, a director at Savills Investment Management, added: "This strategic acquisition underscores our conviction for the long term resilience of the PBSA sector in the UK.

“The acquired assets are examples of best-in-class buildings, and Vita is an operator with a compelling reputation."

One of the visuals released by Vita Student for its Bruce Street scheme in Belfast.
One of the visuals released by Vita Student for its Bruce Street scheme in Belfast.