Vita Student adds new £14 million luxury development to its UK portfolio
A new student scheme is being launched in Bristol that will give investors an assured 7% net return for five years.
The UK’s leading provider of luxury student accommodation, VITA Student, is launching a brand new development in Bristol city centre. The £14 million project is the company’s fifth scheme in the UK, following successful launches in Liverpool and Manchester, demonstrating the continuing demand for student investment schemes.
Once completed, Vita Student at Colston Avenue will comprise of 131 self-contained luxury studios which will be available to UK and international investors from the 25thJuly. The starting price is £75,950 and investors are assured a 7% rental yield for the first five years – a figure that is nearly 2% higher than the current UK average.
With student accommodation now one of the UK’s top asset classes, it is likely that the majority of these investors will be using the development as an alternative investment scheme to the more traditional savings methods – a trend clearly seen in Liverpool and Manchester. In addition to the high rental yield, purchasers will also benefit from capital appreciation should they decide to sell their property in a few years.
Bristol was chosen as the next location for a Vita Student project because of the staggering undersupply of student beds. Student numbers have recently reached 49,000 but there are only 13,000 student beds available.
This factor, combined with the luxury specification of the studios and the development’s central location, means that the scheme is certain to be fully occupied, protecting the future of the investment.
It is also fully-managed by Vita Student so landlords can avoid the maintenance hassles usually associated with student property.
The first wave of students is due to move in during September 2014 and will benefit from fitted kitchens, en-suite bathrooms and a space-saving foldable double bed with integrated sofa. The apartments also include free high-speed 100MB broadband and a flat screen smart TV.
The development itself is only a two minute walk away from Bristol University and five minutes from the main restaurants, bars and shops in the city centre.
Trevor Moore, CEO of Vita Student, said: “Student property has been named as the UK’s top asset class for two years running and it is increasingly being sought after by investors.
“Our decision to create a premium product in city centre locations across the UK is in response to a growing demand from students in the UK and abroad for much higher quality accommodation and we are becoming known for filling this luxury gap in the market.
“Our fully-managed schemes are as popular with the investors as they are with students so we’re fully expecting these units to be sold out in a matter of weeks.”
For press information or images, contact Lauren Sibley (lauren.sibley@selectproperty.com / 0161 322 2243 or 07825002004) or Helen White (helen.white@selectproperty.com / 0161 322 2243).
About Vita Student (www.vitastudent.com)
Wilmslow-based Vita Student was launched in 2012 by the UK’s largest seller of overseas investment property, Select Property, together with award-winning luxury home developer, Huntsmere.
The brand provides students with premium accommodation and currently has three developments in Liverpool and a 279 unit development in Manchester, with several more planned to launch across the UK in the next year.