Student Accommodation Research: Growth in PBSA Changing Market Fundamentals
8th Nov 2019
Plans to build a 90-bed student development behind the intu Victoria Centre in Nottingham have been proposed.
Developers want to construct a £4.5 multi-storey scheme on the corner of Glasshouse Street and Howard Street.
In addition to seven floors containing cluster flats, three shops will be located on the ground floor.
Senior business leaders argued such a development could help boost the local economy, with Lorraine Baggs, head of inward investment at Invest in Nottingham, saying: "We welcome the proposals for this significant student accommodation development close to intu Victoria Centre."
"We understand that the plans are particularly ambitious and impressive, and it's great to see further investment in this area which will contribute to the ongoing regeneration here and across the wider city."
"Nottingham is home to two world-class universities that attract thousands of students from around the world."
"As the universities continue to grow and become increasingly successful, it is vital that the city meets demand for student accommodation, which helps to alleviate the pressure on the private rental market."
"Students tend to concentrate their spending in their local area, so the location of this proposed development near intu Victoria Centre and other city centre shops will provide a significant boost to the local retail economy."
Whilst planning permission has already been granted for the site, it involved a much smaller development that was deemed unviable. If the new larger project is approved the groundworks could start in the spring.
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