McAleer & Rushe has been appointed as lead building contractor for the 267-bed development, while Puma Property Finance has supported Vita with a £52 million development loan.

Part of the £240m New Waverley regeneration project, plans to transform this brownfield site, which included transferring the existing residential consent to cater to Edinburgh’s growing need for more student accommodation, were approved back in January and promise to deliver best-in-class student accommodation.

Once finished, Vita Student New Waverley will include outstanding amenities such as a state-of-the-art gym, social and study spaces as well as Vita Student’s customer experience which has been designed to help students maximise their university experience and ‘Begin Big’.

McAleer & Rushe has been deeply invested in the redevelopment of this area of Edinburgh and this is the fifth project undertaken by the company as part of the New Waverley Masterplan. The contract award represents the fourth partnership between McAleer & Rushe and Vita Group, including the 269-bed Vita Student Belfast, and a new 540-bed development currently under construction in Birmingham city centre.

The development is the second that Puma Property Finance has partnered with Vita on, having previously provided financing for the Vita Student Belfast development in September 2022.

Targeting completion ahead of the 2026 academic year, once delivered, the new site will be the third Vita Student residence in Edinburgh with other sites located on Fountainbridge and Iona Street.

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 Student 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.”

Kevin Davidson, managing director at Puma Property Finance, said: “We are delighted to be renewing our partnership with Vita on this mixed-use student and commercial development. The site offers a fantastic location for students - close to the city centre, transport links and the Edinburgh University campus. Vita Student’s developments are recognised as best-in-class in the PBSA market, and this site will be no different. We look forward to supporting the business again on more developments in the future.”

Mark Diamond, senior director at McAleer & Rushe, added: “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.”