£10m short term rental project at Derby’s Nightingale Quarter revealed

Wavensmere Homes has launched ‘Covo’, a £10m short-term rental operation within the newest apartment building at its £175m Nightingale Quarter development in Derby city centre.

‘Covo’ comprises 52 apartments within the six-storey red brick Hardwick House on London Road and is a service-orientated alternative to hotel offerings.

James Dickens, managing director of Wavensmere Homes, said: “Having been constructing the 925 homes at Nightingale Quarter for the past five years, we are aware of the number of hotels across Derby city centre that have been closed, redeveloped, or re-purposed. Meanwhile, with the expansion of major employers such as Rolls Royce and Toyota, the demand for accommodation here has never been higher. Working with My Property Host, we’ve conducted data analysis, which has confirmed the strong appetite for a quality alternative to a hotel, especially for corporate bookings.

“Our significant investment in Covo to create this 52-apartment short-term rental operation is positioned to disrupt the market in Derby and give a boost to the city’s tourism industry. For every night spent staying away from home, people spend on average a further £47 on food, drink, retail, and entertainment. We are looking forward to welcoming the first guests and establishing relationships with major employers and corporate stay booking agencies.”

Wavensmere Homes has appointed national short-term property management specialist My Property Host to manage the facility, with staffing available seven days a week by a property manager and head housekeeper.

Bookings for stays of two nights or more can be made via an online portal.

Raj Patel, CEO and co-founder of My Property Host said: “Covo is Italian for den, which sets the tone for this major new offering. The 52 new apartments have been beautifully furnished by a leading interior designer to present a home-from-home for those staying in Derby for work or pleasure.

“The My Property Host team manages 3,500 rooms across 44 UK locations, with the launch of Covo – and this partnership with Wavensmere Homes – marking a major milestone for our business. We could not be more excited to market and manage this new operation, which benefits from a prime DE1 address, within a few minutes walk of Derby train station and the Derbion shopping centre, with The Pepperpot – the city’s finest restaurant – on the doorstep. Having a gymnasium and co-working facility also on-site places Covo on a par with large four-star hotels, which is exactly what this city has been crying out for.”