The site located on Agard Street which is currently a surface level car park will house 142 studio apartments upon completion to accommodate students from the University of Derby.
The purpose built student accommodation (PBSA) sector is now a mature and mainstream property sector which, according to Knight Frank*, has reached £53 billion in size, equivalent to 10% of the size of the professionally managed commercial property market.
Gurdeep Gill, associate director at Godwin Developments, said: “We are excited to develop this site which will be the perfect location for students, as it’s just a stone’s throw from the University of Derby’s law school.
“Within the PBSA sector we have also seen a move towards creating accommodation which supports student wellbeing and mental health. As developers, we work closely with universities to ensure our developments contribute as much as possible to improving the wellbeing of students. The property will be designed to encourage social interactions as students are now looking for an environment that has a sense of community and provides both private and social spaces.
John Forkin Managing Director at Marketing Derby, said "We are delighted with the approval as we have worked closely with Godwin Developments on this and other sites. Marketing Derby together with the Economic Development Advisory Committee (EDAC) have provided our full support for the planning, which will significantly improve the area."
As well as delivering high-quality amenities including a welcome reception area, the site will bring a spark of innovation to regeneration in the city centre and offer highly anticipated accommodation for students across Derby.
The Agard Street site is one of the latest projects to be added to Godwin Developments’ growing portfolio, which contains a diverse range of commercial, residential and mixed-use property assets in key regional locations.
The planning approval for the scheme is just the latest in a series of positive planning applications which Godwin Developments has celebrated this month. The property developer now has 3,000,000ft² of development space across the UK totalling £600m GDV.