Vita Group has secured a £43m loan from Puma Property Finance to fund the development of a 260-bed purpose-built student accommodation (PBSA) scheme in Newcastle.
The new city centre scheme is being built on a site that previously housed a furniture showroom, which is set to be demolished.
The on-site amenity provision at Vita Student Leazes Park will include a state-of-the-art gym, bookable private dining space, study rooms, a private landscaped courtyard and a basketball court.
Developed and operated by Vita Student, the scheme is targeting completion in time for the the September 2026 academic year.
Max Bielby, chief operating officer at Vita Group, said: “This development in Newcastle marks our third in the city and we are delighted to be continuing to provide incoming students with high-class accommodation and facilities. We are looking forward to seeing this development come to life over the coming months in partnership with Puma.”
Paul Murphy, senior manager at Puma Property Finance, added: “We are delighted to be partnering once again with Vita Group on this Newcastle development where there is a real need for their best-in-class student schemes. Having facilitated close to £100m to Vita across this site and the one in Edinburgh over recent months demonstrates our commitment to the sector and our desire to work with industry leaders like Vita. We are also pleased to be strengthening our presence in the North where we see considerable opportunity.”
