Richardson JV partner Ask Real Estate completes plot sale to Vita, continuing with the delivery of the First Street masterplan

First reported by Charlie Schouten in Green Street News,18th November 2025

A CGI of the finished development

Eldridge Real Estate Credit has partnered with Vita for the 10th time to provide a £146m loan for the developer’s latest student scheme in Manchester, Green Street News can reveal.

The lender has backed Vita with a nine-figure senior development loan towards Vita Student First Street, an 861-bed purpose-built student accommodation project within the wider First Street district in the city centre.

Work on the project is now under way with completion targeted for June 2028 ahead of the 2028/29 academic year.

The scheme includes buildings of 34 and 12 storeys and will also features study and social spaces, a gym and cycle storage, based on plans by architect Tim Groom. Planning permission was secured earlier this year.

The deal marks the continuation of the relationship between Eldridge and Vita, with Eldridge now having committed a total of £1.1bn in finance towards Vita’s projects.

“This transaction reinforces our confidence in the continued growth and resilience of the UK and European living sector”

Graham Keable, Eldridge

Since 2020, the pair have partnered across PBSA and co-living, delivering more than 7,500 beds across the UK and Spain.

It is also Vita’s second scheme at First Street, with the group having delivered its debut House of Social concept at the estate. This included 576 beds targeted at students who want more social and independent living along with a food hall at ground floor level, and was again supported by Eldridge with a £90m loan.

Graham Keable, managing director at Eldridge Capital Management said: “Over the past five years, our partnership with Vita has been a testament to our shared vision and commitment to long-term success. This tenth transaction together not only underscores Vita’s proven expertise in the space, but also reinforces our confidence in the continued growth and resilience of the UK and European living sector.”

Max Bielby, chief operating officer at Vita Group added: “The developments we’ve delivered together have consistently outperformed benchmarks, validating the strength of our model across student and co-living assets. Our relationship is a powerful example of how long-term financing partnerships, combined with our integrated approach to design, development, and operation, address a clear market need and deliver sustainable value.”

John Hughes, managing director at Ask Real Estate, the landowner and developer of the

First Street estate, said:

“We are delighted to complete this plot sale to Vita which will continue the delivery of the First Street masterplan at this strategic gateway into the city. Now one of Manchester’s most vibrant neighbourhoods, this latest Vita development will further add to the exciting mix of businesses and residents already located at First Street, all of which are supported by a rich blend of amenities and facilities.”