Watkin Jones, the UK's leading developer and manager of residential for rent homes, with a focus on the build to rent (BtR) and student accommodation (PBSA) sectors, is pleased to announce the subject to planning acquisition of a site on Lower Parliament Street in the heart of Nottingham’s Lace Market district alongside submitting plans to create a c357 student bed scheme.
The c£40 million GDV development will include 274 en suite rooms with communal kitchens, as well as 83 studio apartments. It is situated within walking distance of Nottingham Trent University, close to Nottingham railway station in the city centre, in an appealing and vibrant area offering residents easy access to the local shops, restaurants and bars of Nottingham’s Creative Quarter, city centre and Sneinton Market. It will also accommodate a 100sq.m commercial unit on the ground floor that will offer employment or community space.
The proposed scheme will add much needed student housing capacity in the city and serve Nottingham’s two successful universities, the University of Nottingham and Nottingham Trent University, while freeing up housing stock in the private residential market. The University of Nottingham’s student numbers have increased by 11% since 2015, while students from Nottingham Trent University have increased by 13% in the same period. UCAS recently reported an overall increase in student applications for September 2021.
In line with Watkin Jones’ focus on sustainability, the proposed development will target a BREEAM Excellent rating and be designed with air source heat pumps, PV panels supplying its own renewable energy alongside a biodiverse landscaped outdoor space to support resident’s wellbeing.
The 0.49-acre brownfield site is currently surface car parking and will also provide 48 basement car parking spaces for Nottingham City Council.
Watkin Jones is maintaining an ongoing consultation with the local community and the scheme is expected to complete ahead of the 2023 academic year.
"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.Alex Pease Chief Investment Officer of Watkin Jones
PBSA continues to build on its record-breaking strength, with resident and client demand for the best places forecast to significantly outstrip supply. Students and their parents want to know that there is the best wellbeing support and professional management in place, while clients are seeking secure long-term returns from quality assets."