The decision was made subject to clarification of further design details.
The Bendigo Building development — which will be located less than half a mile from Nottingham Trent University — will offer a mix of studio apartments, four-, five- and six-bedroom clusters and accessible studio rooms.
It will also include a range of indoor amenities, such as two receptions, a residents’ lounge, gym, study, and games rooms, as well as a fully landscaped courtyard garden with outdoor seating, recreational and outdoor exercise equipment, six car parking and 312 cycle storage spaces.
Two commercial units, located on the ground floor, will also provide an additional amenity for residents and the neighbouring community.
The scheme has been designed with sustainability in mind and contains features such as air source heat pumps, photovoltaic roof panels and an energy-efficient building fabric.
It will also promote greener ways of travel in and around the city, supporting cleaner air and reducing traffic congestion in the area.
Once underway, the Bendigo Building is set to create around 300 jobs during the construction phase and 40 full-time positions when fully operational.
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Matt Chandler, development director at Godwin Developments, said: “There is a clear requirement for more dedicated student spaces where young people can live, study, and socialise together.
“Our plans will not only cater to this demand, but also support the council’s ambitions to keep the city centre vibrant, house students better, and protect further traditional family housing from being converted for student occupation.
“We would like to thank Nottingham City Council’s planning team for their support of the scheme, as well as our partners — architects RG+P, planning consultants P&DG, and engineering business HSP Consulting — for their work to date.”
James Mulcare, head of residential capital markets at Godwin Developments, said: “In recent years, Nottingham has cemented itself into a major higher education destination.
“As vaccination rates across the country continue to rise and young people seek to return to face-to-face learning and socialising, the need for PBSA will continue to grow — and with it a strong interest from investors across the globe.
“We are confident that the Bendigo Building with its prominent location and high amenities provision will be popular with young people and deliver attractive long-term returns to investors seeking to capitalise on the strong local PBSA market.”