McAleer & Rushe has been appointed to deliver a £52 million 267-bed purpose-built student accommodation scheme (PBSA) in Edinburgh for developer Vita Group.
Vita Group has begun on the scheme, with McAleer & Rushe as lead contractor and securing a £52 million development loan from Puma Property Finance.
The plans to transform the brownfield site into Vita Student’s 267-bed residence forms part of the £240 million New Waverley regeneration project.
The new plans included transferring the existing residential consent which were approved in January.
This also comes as plans have been approved for a 7,000-home city extension scheme in Edinburgh.
Once finished, Vita Student New Waverley will include amenities such as a gym and social and study spaces
The contract is the fourth partnership between McAleer & Rushe and Vita Group, including a 269-bed Vita Student Belfast, and a new 540-bed development currently under construction in Birmingham city centre.
Last month, the contractor was appointed to deliver a 670-bed 14-storey PBSA scheme in the City of London.
Puma Property Finance has facilitated a £52 million loan to Vita Group to develop the 267-bed Purpose Built Student Accommodation development.
It is the second Puma has partnered with Vita on, having previously provided financing for the Vita Student Belfast development in September 2022.
It is expected to finish 2026 academic year and once delivered will be the third Vita Student residence in Edinburgh with other sites located on Fountain bridge and Iona Street.
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.”
Max Bielby, chief operating officer for 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 Stu-dent 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.”
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