PBSA development of 783-beds sold to Bricks Group
Consented PBSA scheme The Bendigo Buildings will contribute high quality student beds to Nottingham
UK property developer Godwin Developments announces that it has completed the sale of the Bendigo Buildings – a consented scheme for new contemporary purpose built student accommodation (PBSA) in Nottingham – to Bricks Group.
On completion the project, which is situated in central Nottingham, will comprise 783 beds including of a mix of modern studio apartments, four, five and six-bedroom clusters and accessible studio rooms. It will also provide a range of indoor amenities and landscaped gardens as well as commercial units on the ground floor for residents and the neighbouring community.
The Bendigo Buildings PBSA development is situated less than half a mile from Nottingham Trent University. It will will regenerate the land currently occupied by a former Royal Mail sorting office, which has been vacant for nearly 20 years, as well as the adjacent car park on Cowan Street.
Godwin Developments acquired the Royal Mail site in June 2020 and the Cowan Street site in 2021. The company secured full planning permission for both plots in the second half of 2021, to help meet substantial demand for student accommodation in the city. The scheme will support the renewal of the St Ann’s area and deliver on a number of the Council’s objectives around student living and place making.
The Bendigo Buildings have been designed with sustainability in mind including features, such as air source heat pumps, photovoltaic (PV) roof panels and an energy efficient building fabric. The scheme promotes greener ways of travel in and around the city, supporting cleaner air and reducing traffic congestion in the area. It was also rated ‘Outstanding’ by Rider Levett Bucknall’s Social Impact and Social Value Report for its social value delivery, recognising the significant economic boost of £264 million which it will deliver to the city and wider region.
Matt Chandler, Managing Director at Godwin Developments, said: “Representing one of our largest consented schemes to date, the Bendigo Buildings utilised our in-house expertise to work up and achieve planning for this compelling scheme on a brownfield site which will bring significant regeneration benefits to the city. We are pleased that dynamic student, hotel and co-living property company Bricks Group will now take the project forward into delivering a new thriving student hub for Nottingham.
“Nottingham has significant unmet demand of student beds and with increasing student numbers expected as both universities continue their expansion plans, there is a clear requirement for more dedicated student spaces where young people can live, study, and socialise together. The Bendigo Buildings helps cater to this demand whilst also supporting the Council’s ambitions to keep the city centre vibrant, provide better quality student housing, and protect further traditional family housing from being converted for student occupation as well as bringing substantial investment to the city.”
Stephen Pratt, Co-Founder and Director at Godwin Developments, added: “This development and transaction are a clear demonstration of the strength of the Godwin business and our expert team’s capability. I’d like to thank all the consultants involved for their hard work and support at each stage of the process.
“As a business, the sale will help Godwin achieve its ambitions by reinvesting the proceeds into a number of new opportunities throughout the development cycle across the residential, commercial and industrial segments nationwide as we drive our strategy forward.”
“We are looking forward to bringing more high-quality developments to Nottingham in the future.”
Peter Prickett, Founder and CEO of Bricks Group, said: “It’s great to purchase such a fantastic site in the amazing city of Nottingham. This demonstrates the Bricks Group’s continued growth plans within the PBSA marketplace, with our true student brand offering the ultimate student experience and setting new standards. We’ll also be looking to integrate UTime fitness and doza (doughnuts and pizza concept) as part of our ecosystem of lifestyle brands.
It’s been a pleasure working with the team at Godwin – a relationship we look forward to building upon with future collaborations together.”
The Bendigo Buildings is conveniently positioned within easy walking distance also of Nottingham city centre, Sneinton Market, Nottingham Trent University and the main food and entertainment quarter, with the University of Nottingham and Nottingham train station also readily accessible via public transport.
In recent years, Nottingham has cemented itself into a major higher education destination. The city attracts nearly 80% of its full-time students from the UK, making it resilient to fluctuations in international student demand.
The Bendigo Buildings sale builds on a period of strategic disposals by Godwin Developments, which also recently completed the sale of Agard Street, a consented 142 student bed development in Derby, to Marble Homes. Having secured full planning permission, Godwin Developments sold the consented development to the East Midlands business, who have a track record for building and operating student living schemes.
Godwin Developments has a fast-growing nationwide portfolio, including nearly 3,000 residential units nationwide, some of which are set to begin construction in the second half of 2022. The business operates across the BTR sector covering both multifamily and single-family housing as well as affordable homes. It has a number of consented residential developments covering Nottingham, Doncaster, Cambridgeshire, Milton Keynes and Derby, and many more in the pipeline. The company’s commercial and industrial divisions work includes recent developments in Birmingham, Northamptonshire, Staffordshire, Dorset and Cambridgeshire, alongside a strong UK-wide pipeline.
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