The Bendigo Building’s social value rated “outstanding” by international consultants Rider Levett Bucknall
- New student accommodation scheme can generate £5 of return for every £1 invested
- Total of £234 million of economic stimulus to be delivered over the lifetime of the development, £100 million of which will benefit the economies of Nottingham and wider East Midlands
- 300 jobs to be created or safeguarded in the build phase with a further 40 full time positions on completion
A report by leading international consultancy Rider Levett Bucknall (RLB) for national property developer Godwin Developments has revealed the significant social value benefits that would be created through the construction and operational phases a new student living scheme in Nottingham.
The Bendigo Building, which proposes to breathe new life into an iconic site in the Creative Quarter in the city, will see the current derelict and dangerous former Royal Mail sorting office demolished and replaced with much needed purpose-built student accommodation. The scheme, with 692 student beds, will also offer dedicated onsite amenities including two receptions, gym, lounge, study spaces, cycle storage and a landscaped garden.
RLB’s calculations, derived from Government endorsed analytics frameworks, projects £234 million of economic activity during the whole life of the scheme.
Based on total costs of £46.8 million, the development’s whole life return on investment has been calculated as £5.01 for every £1 invested – meaning it provides ‘outstanding’ social value.
The scheme is also projected to create and safeguard jobs in the area – nearly 300 in the construction phase alone, also providing opportunities for apprenticeships and work placements. Once operational it is estimated that 40 new jobs will be created, providing further economic and wellbeing benefits as well as savings for the UK Government and local authority.
Additional financial contributions by Godwin Developments measuring in the hundreds of thousands will be used to improve public spaces, education and training in the city, while construction of the actual scheme will also contribute to an uplift in the aesthetics and safety of the area.
The modern development will provide the 5,000 undergraduates, currently residing in the NG1 postcode in Nottingham who don’t have access to purpose-built accommodation, with a choice of quality student living premises. It will also prevent additional family housing in the area and wider Nottingham from being converted into houses for multiple occupation (HMOs). In this matter it will indirectly grow the stock of housing available for local residents.
The Bendigo Building has also been designed to minimise environmental impact aligning with the aims for a post-COVID green recovery and Nottingham City Council’s ambitions. It includes a host of sustainable features with a highly efficient building fabric and glazing, the use of LED and low energy lighting, air-source heat pumps providing low energy and low carbon hot water and solar panels on the roof for on-site electricity generation.
It also features 312 cycle storage spaces, reducing traffic in the area, encouraging sustainable means of travel and promoting cleaner area in the city as well as physical and mental health.
The Bendigo Building will transform this part of Nottingham’s Creative Quarter, boosting the on-going regeneration and appeal of this important part of the city. It will also help meet the significant demand for purpose-built student living spaces as the number of students, particularly at nearby Nottingham Trent University, continues to grow. The two universities and the attraction of students to the city, as a world-class higher education destination, contribute significantly to the city’s economy and as the Nottingham City Council recently outlined, there is already a need for 7000 extra bed spaces for students in the city over the next three years.