Bondholder Simon Foote Architects, acting on behalf of fellow Bondholder Jensco Properties, has submitted an application to convert grade two-listed buildings in Friar Gate into eight apartments.
The plans submitted to Derby City Council also involve the revamp of ground floor retail space, and a two-storey extension to the rear of the property.
The application states: "The property has been vacant for some time and due to this, the building has fallen into a state of disrepair, which is visible along the street scene from Friar Gate. The internal condition of the property unfortunately reflects the same condition as the external.
"The scheme will increase footfall in the area along one of the main routes into Derby city centre, further benefiting a number of businesses along this street while providing modern high quality student accommodation.
"It is clear from developments surrounding the area that the standard of student living is increasing and this scheme proposes to be of the same standard. The proposed scheme should be considered as a precedent within this section of Friar Gate to further enhance the other surrounding properties, which in turn will revitalise this historical area of Derby."
Jensco Properties are currently developing new £17 million student accommodation unit on Agard Street, which will sit next to Bondholder the University of Derby's Law School.