Alderley Edge-based urban regeneration specialist, Vita Group, has completed a deal with Manchester-based developer, Ask Real Estate, to acquire plot 10 at their First Street Estate in Manchester city centre.
The deal follows Vita Group’s recently successful planning application to develop its first House of Social residence at the site. House of Social is the student house re-imagined: designed for second- and third-year students who have established friendship groups, each ‘House’ is centred around an open plan kitchen and lounge space, with large en-suite bedrooms on either side.
In total, the First Street residence will have 100 cluster apartments with 576 student bedrooms split across a mixture of five and six bedroom ‘houses’. Residents will also benefit from a plethora of amenities including a state-of-the-art gym and co-working space. On the ground floor, the building will be brought to life with a vibrant food hall which will be open to residents and the general public. Featuring a central bar which will provide a focal point, the food hall will create approximately 400 covers, with five independent kitchens that will host the city’s most exciting new food concepts.
Longstanding advisors to Vita Group, Shoosmiths was the law firm which advised on the deal.
Mark Oakes, Vita Group Chief Commercial Officer said:
“We are delighted to complete the deal with Ask Real Estate. First Street is one of the city’s most exciting destinations with huge investment going into the redevelopment of the area. House of Social will complement this vibrant neighbourhood, adding to the great offering which already exists.”
John Hughes, Managing Director of Ask Real Estate said:
“Plot 10 and Vita Group’s House of Social concept will play a pivotal role in accelerating the completion of the First Street masterplan – adding to the neighbourhood, creating a vibrant place for people to visit and stay. It’s great to finalise this deal and further build upon our relationship with Vita Group.”
Vanessa Rickard, Legal Director at Shoosmiths, said:
“The Shoosmiths real estate team has supported Vita Group over many years and we are proud to have advised on this latest land deal, with the transaction not only kickstarting development, but also signifying the start of the legacy House of Social will leave in Manchester.”
Images courtesy of Vita Group
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