Student development funding specialists, Prosperity, secured £20 million from Aviva Investors REaLM funds in June 2015. This followed planning consent being granted in March 2015, after a lengthy collaboration between developer London & UK Property, Marketing Derby and the Local Planning Authority.
As part of this agreement, the University of Derby will operate the building on a lease period of 30 years under their Derby Student Living brand.
Designed by GT Architects, the development consists of 350 units arranged in cluster flats with communal living areas, laundry and on-site management.
With the building nearing completion, Gavin Barry, CEO of Prosperity, confirmed that following the success of working in Derby on this project, his company is keen to follow it up with further city living developments in the student and Build to Rent sectors.