Vita Group has secured a £91.5m construction loan from Cain International for its inaugural ‘House of Social’ purpose-built student accommodation (PBSA) concept in Manchester.
The 14-storey building on First Street in the city’s growing academic district will provide 576 beds and has been designed to “re-invent the traditional student home”.
The four-to-six-bedroom clusters – or ‘houses’ – will be complemented by shared open-plan kitchens and lounge areas and a dedicated gym. House of Social will also include a 14,000 sq ft destination foodhall on the ground floor, featuring five independent street food and restaurant brands.
Mick Slater, Vita Group’s chief financial officer, said: “Closing this agreement with Cain enables us to bring the House of Social vision to life for the first time in Manchester. Centred around a destination foodhall, House of Social will service Manchester’s undersupply of student accommodation with 576 student beds designed for Manchester’s more independently minded students who traditionally find themselves in HMOs and private rentals on the outskirts of the city.”
Graham Keable, managing director at Cain International, added: “We believe Cain’s distinctive advantage lies in its partnership model, and we are delighted to extend our relationship with Vita as they introduce a new dimension of student living to the market. Cain’s long-standing experience in this sector, through its credit and equity practices, bolsters our confidence in the stability of U.K. university cities and we eagerly anticipate the positive impact this project will have on the community and the future of student accommodation.”
