Vita Group has secured a £52m development loan from Puma Property Finance to fund the delivery of a 267-bed purpose-built student accommodation (PBSA) scheme at the New Waverley regeneration project in Edinburgh.
In addition to student beds, the Vita Student New Waverley scheme will offer a wide range of on-site amenities such as a state-of-the-art gym and social and study spaces.
Vita Group has appointed contractor McAleer & Rushe to deliver the project and is targeting completion ahead of the 2026 academic year.
Max Bielby, chief operating officer at Vita Group, said: “We’re delighted to assemble our trusted partners McAleer & Rushe and Puma Property Finance so that work can get started on transforming this brownfield site into our third Vita Student residence in the city. Through this major investment into the redevelopment of New Waverley, the project will support economic growth creating new jobs for the city and provide much-needed student accommodation for Edinburgh’s growing student population.”
Kevin Davidson, managing director of Puma Property Finance, added: “We are delighted to be renewing our partnership with Vita on this mixed-use student and commercial development. The site offers a fantastic location for students – close to the city centre, transport links and the Edinburgh University campus. Vita Student’s developments are recognised as best-in-class in the PBSA market, and this site will be no different. We look forward to supporting the business again on more developments in the future.”
Mark Diamond, senior director at McAleer & Rushe, said: “As an established construction partner to Vita Group, we have been entrusted to bring not only their vision to life but ensure the delivery of the final phase of this fantastic scheme reinvigorating this area of the city. Working collaboratively with Vita and the design team, our early engagement approach and technical expertise and knowledge has been invaluable to the development of this landmark scheme which will ultimately bring further investment into the city.”
