Nottingham mixed-use scheme gets go-ahead

Plans have been approved to turn a 28,000 sq ft Nottingham city centre building into a mixed-use scheme.

Maven Property (Nottingham) has been given the go-ahead by the city council to transform the tired-looking 191-195 Lower Parliament Street by adding up to three storeys to the existing two-floor building.

How the building looks now

The move, says the developer, will create a scheme that will retain the ground floor retail units at the site while adding 104 student bedspaces on the upper floors. The new development will reach five storeys at its tallest.

The accommodation will be a mixture of cluster and studio flats and will include communal lounges and a gym.

Maven Property says it will reinvigorate the Clinton Street East and West facilities for market traders.

The bridge across Lower Parliament Street which joins the building to the Victoria Shopping Centre will be retained, although students will not have access to it.

Maven Capital Partners, the property and private equity manager, bought the building for £3.7m from a South African-listed property fund back in April 2021.

The transaction was funded by Maven Investor Partners.

Maven has extensive experience in the PBSA sector where it has developed, managed and operated properties across the UK, in cities including Glasgow, Dundee, Durham, Liverpool and Birmingham.

Andrew Whiteley, partner at Maven, said at the time : “The strong ongoing demand for purpose built student accommodation from both domestic and overseas students underpins our continued interest in this sector.

“Early reports suggest an increase in applications to UK universities again this year, further supporting the evidence of individuals investing in higher education in uncertain times.

“Nottingham is one of the largest regional student cities and we are delighted to be pushing forward with a planning application to provide an excellent base for students looking to enjoy all the benefits of city centre living.”