£20m Invested in Student Scheme

A 350-bed student accommodation building has received forward funding after a joint venture between developers London and UK Property, and student property funding specialists, Prosperity Capital Partners Ltd received £20.3m with Aviva Investors REaLM Fund.

The new company, Prosperity Student Living Derby, has also agreed a pre-let agreement with the University of Derby for a term of 30 years. Derby Student Living, the University’s own brand will operate the scheme.

We are very pleased to have worked with Prosperity Student Living Derby and the University of Derby to deliver an asset that will help the university provide high quality student accommodation as part of their ongoing estates strategy
— Tom Witherall, Assistant Fund Manager at Aviva Investors

The development consists of 350 units arranged in cluster flats with communal living areas, laundry, on-site management and bike storage. It was designed by GT Architects and is being built by DW Hicks, with completion planned for summer 2016.

This site is being developed first and foremost with students in mind. It will be a sought after term-time base for students from the UK and abroad, offering well-specified, market-leading accommodation close to the heart of the city, with leisure and retail facilities within easy reach
— Gavin Barry, CEO at Prosperity Capital Partners

Marketing Derby had previously worked with London & UK Property on securing planning permission for the site, which was received in March 2015.

It is fantastic to see a vacant site being brought into use, and even better that it brings 350 young residents into that part of the city. This development will provide a huge boost to businesses in and around the Cathedral Quarter
— John Forkin, Managing Director at Marketing Derby