Nottingham City Council is to sell a city centre site to Watkin Jones for a £40m student scheme.
The developer plans to build 357 student beds and 48 basement car parking spaces, to be leased back to the council, at a site on Lower Parliament Street in the old Lace Market district.
The pair have agreed a deal subject to planning, which was signed off by the council earlier this year.
Watkin Jones will now lodge plans for 274 en-suite rooms with communal kitchens and 83 studio apartments. The scheme will target a BREEAM Excellent rating and will incorporate solar panels, air source heat pumps and landscaped outdoor space. Watkin Jones is aiming for completion ahead of the 2023-24 academic year.
The 0.5-acre site was previously home to the council’s Housing Aid building and Brook Street Car Park. It is adjacent to the Royal Mail site, where Godwin Developments is planning a 692-bed student scheme.
The site is located less than a mile to the north of Nottingham railway station, in the city’s Creative Quarter, with access to nearby bars, restaurants and shops. It is a short walk to Nottingham Trent University.
Alex Pease, chief investment officer at Watkin Jones, said: “Nottingham is a fantastically vibrant city and a really attractive place to study, with the recent growth in student numbers reflecting the continued success of the city’s universities.
“Housing increased student populations is a challenge, but this scheme offers maximum benefit to the local area alongside future-focused environmental measures, which will also attract sustainability-conscious students.”
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