Student digs set for Victoria Centre building
A redundant office building in central Nottingham is set to be converted into accommodation for more than 150 students.
The site, part of the Victoria Shopping Centre on Milford Street, was purchased for £5m by student accommodation provider FreshStart Living.
Through the development, the 30,000 sq ft office building will be converted into 157 student apartments.
FreshStart Living, based in Salford, acquired the building from Capital Shopping Centres and will rename it Victoria House Halls.
The student rooms will range in size from 88 sq ft to 130 sq ft, comprising a mix of ensuite and standard rooms. Students will share kitchens and communal areas on each of the floors.
Work on the project is due to start in January with completion expected in September in time for the start of the 2012-2013 academic year.
Investors are able to purchase individual student pods on a 125-year long leasehold basis from £27,500, with FreshStart anticipating market-leading rents of £85 per week, thus generating a gross return of 13 per cent.
