Student housing scheme could generate £234m during its lifetime, says developer
Ahead of a major decision on its future by Nottingham City Council’s planning committee this afternoon (August 18), a new report on a major student scheme says says it would create “outstanding” social value for the city.
The document, prepared by consultancy Rider Levett Bucknall (RLB) for property developer Godwin, Developments has revealed the significant social value benefits that would be created through the construction and operational phases the new student living scheme at the Bendigo building in Nottingham.
The plans, which propose to breathe new life into a site in the Creative Quarter in the city, will see the derelict former Royal Mail sorting office demolished and replaced with student accommodation. The scheme, with 692 student beds, will also offer dedicated onsite amenities including two receptions, gym, lounge, study spaces, cycle storage and a landscaped garden.
RLB’s calculations, derived from Government endorsed analytics frameworks, projects £234m of economic activity during the whole life of the scheme.
Based on total costs of £46.8m, the development’s whole life return on investment has been calculated as £5.01 for every £1 invested – meaning it provides “outstanding” social value.
The scheme is also projected to create and safeguard jobs in the area – nearly 300 in the construction phase alone, also providing opportunities for apprenticeships and work placements. Once operational it is estimated that 40 new jobs will be created.
Additional financial contributions by Godwin Developments measuring in the hundreds of thousands will be used to improve public spaces, education and training in the city.
Godwin says the Bendigo Building will help meet the “significant” demand for purpose-built student living spaces as the number of students, particularly at nearby Nottingham Trent University, continues to grow. Nottingham City Council recently outlined that there is already a need for 7,000 extra bed spaces for students in the city over the next three years.
Nottingham City Council’s planning comittee will vote on the scheme on Wednesday afternoon.