Vita Student, a joint venture between Chris Oakes' Huntsmere and Mark Stott's Select Property, is to buy a plot at First Street in Manchester from Ask to build a £25m apartment block after winning planning consent on Thursday.
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The 5plus Architects-designed scheme will contain 279 self-contained flats and a 5,400 sq ft communal area containing a gym, shop and gaming area.
Vita said it will be the only student accommodation of its kind in the city when completed in August 2014.
Vita Student Manchester will be built to the east of Number One First Street. Ask Developments, which is selling the plot to Vita, hopes the affluent overseas and postgraduate student population will help create a critical mass of people on the development to kick-start future phases.
The development will be the fourth to be created by Vita Student, which also has a scheme in Liverpool. Huntsmere is based in Alderley Edge and specialises in bespoke homes for wealthy clients including Premier League footballers. Wilmslow-based investment property specialist Select Property advises Middle East and Far East investors on UK acquisitions.
Mark Stott, chief executive of Select Property, said: "There is a growing need for high quality accommodation in Manchester, predominantly driven by international students. With the city home to over 13,000 students from overseas, there is a huge demand that is not being met.
"Vita Student addresses this demand by delivering luxury, high spec accommodation that currently doesn't exist."
The flats in Vita Student Manchester will all have en-suite shower rooms finished with porcelain tiling, a kitchen area with fully integrated appliances, lacquered cabinetry, corian surfacing, as well as broadband and flat screen TV.
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