Key City Site Sold For Student Accommodation

Added by Love Business East Midlands | 23 December 2016

Prosperity Capital Partners, one of the UK’s leading providers of student accommodation, have teamed up with Cedar House Investments to announce plans to develop a second facility in Derby.

Following on from its successful £20.3m Cathedral Court scheme, which was completed in September of this year, plans have now been submitted to develop around 300 units in the new building on Cathedral Road in the city.

Strategically located adjacent to Derby College’s Joseph Wright Sixth Form centre and close to the Cathedral Quarter with its vibrant daytime and night time economy, the new scheme, previously known as the office development City Gate House, will provide students in the city with high quality, contemporary living accommodation in a convenient location.

The announcement that the Cathedral Quarter won Best City Location at the Great British High Street awards further highlights the desirability of the area and its emergence as Derby’s thriving hub of activity.

The deal was brokered by commercial property specialists Rigby & Co, alongside FHP, on behalf of the owner, leading Derby businessman Peter Gadsby, who was keen to see the progression of the land benefit the wider business community.

Commenting on the new scheme Peter Gadsby, said:

“We considered a number of different commercial and residential schemes for this site, but ultimately were satisfied that Prosperity Capital Partners will meet the growing expectations of Derby’s student market – and this deal ensures there will be development activity in this region.

“We have been aware of the ambition of the University of Derby to continue to build close to Derby city centre for a while now, and we’re sure that this deal will deliver a site which will make a positive contribution to the increased vibrancy in this part of the city centre.”

Gavin Barry, CEO of Prosperity Capital Partners, added:

“We were keen to build on the success of our Cathedral Court scheme and develop further high quality, contemporary accommodation for Derby’s students. These kinds of developments are incredibly important to the city’s economic wellbeing and provide invaluable support to Derby’s student population. It has been a pleasure working alongside Peter Gadsby and Rigby & Co to conclude his deal.”

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