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12th Nov 2018
Prosperity Capital Partners had submitted proposals to develop a 300-bed student accommodation scheme in Derby city centre.
The student accommodation provider has teamed up with Cedar House Investments to develop a second site in Derby, following the launch of Cathedral Court in September this year.
The proposed development will consist of around 300 student bed spaces located on Cathedral Road and was previously known as the office development City Gate House.
Gavin Barry, CEO of Prosperity Capital Partners said: "We were keen to build on the success of our Cathedral Court scheme and develop further high quality, contemporary accommodation for Derby's students. These kinds of developments are incredibly important to the city's economic wellbeing and provide invaluable support to Derby's student population. It has been a pleasure working alongside Peter Gadsby and Rigby & Co to conclude this deal."
The deal was brokered by the commercial property specialists Rigby & Co, alongside FHP, on behalf of the owner, Derby businessman Peter Gadsby.
Mr Gadsby said: "We considered a number of different commercial and residential schemes for this site, but ultimately were satisfied that Prosperity Capital Partners will meet the growing expectations of Derby's student market, and this deal ensures there will be development activity in this region."
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