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