The £17 million project is the company’s sixth new development in less than two years and brings the total number of Vita Student apartments in the UK up to 929, following previous launches in Liverpool, Manchester and Bristol.
Exeter has recently experienced a huge growth in student numbers which has led to a major shortage of suitable accommodation. Vita Student at Portland House is located just off the main high street in Exeter and is being refurbished from a multi-use office development. Once completed it will comprise of 161 luxury studios and two-bedroom apartments which will be sold to investors from 26th September with a starting price of £77,950.
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The new development is due to be completed in time for the 2014/15 academic year and will give investors an assured 7% net return for five years, a figure that is nearly 2% higher than the current UK average.
Vita Student was founded in 2012 by luxury developer Vita Ventures which has been acquiring land at Russell Group university cities across the UK.
CEO of Vita Ventures, Trevor Moore, commented: "Investor requirement for student property is at an all-time high and our developments cater for a gap in the market for luxury accommodation.
"The rate at which all our previous projects have sold demonstrates that our model is successfully addressing the market demand and we’re continuing to meet this by expanding in key university cities across the UK. With its burgeoning student population and undersupply of student beds, Exeter was an obvious choice for our next target."
(CD/MH)
