Vita sells out First Street flats

Wilmslow-based developer Vita Student said it has sold all 279 student apartments off plan at its £25m development in First Street, Manchester four months after launch.

The buyers included UK and overseas investors, which Vita said were attracted by the guaranteed 9% rental yield for two years. Prices started at £77,950.

Construction is ongoing at the site off Whitworth Street West and the first students are set to move in during September 2014.

Vita also has a project under construction on Tithebarn Street in Liverpool and is planning another in Bristol.

Trevor Moore, chief executive of Vita Student, said: "The rate of sale at First Street demonstrates that our instincts about the appeal of the project were exactly right.

"The response we had from investors has been overwhelming with people incredibly eager to get their hands on the studios.

"We know that the success of our projects in Manchester and Liverpool can be replicated at other university cities in the UK and Bristol is a fantastic place to start. With students flocking to the city and the demand for premium accommodation at an all time high, it is the ideal time to launch a new development in the city centre."

Most units were sold directly by Vita but some were sold through a network of international agents including Savills in Singapore.

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