The project is the sixth new development by specialist Vita Student in less than two years.

Construction started this week and is due to be completed in time for the 2014/15 academic year

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 with a starting price of £77,950.

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, said: “Investor requirement for student property is at an all-time high and our developments cater for a gap in the market for luxury accommodation.”