Councillors voted five to one in favour of the proposal, which was submitted by Cerda Planning on behalf of Study Inn Group, a firm specialising in student accommodation.
In addition to the flats, the building will provide communal areas and will be fully serviced.
Some concerns had been raised that the student accommodation will not help to ease the city's shortage of housing and that there is a need for affordable accommodation.
However, it's been argued that the addition of further student flats will contribute to easing the current pressure on accommodation in other parts of the city, which will free up further property for residential use.
Expectations are that the flats could be completed within six months of the planning permission being granted.