The scheme is developer Godwin’s second project to win planning approval this week following Sheffield’s 23-storey Meridian build to rent scheme.

The scheme will see the currently disused property – which has been vacant for nearly 20 years – demolished and replaced with a purpose build student project to be known as the Bendigo Building.

The decision was made subject to clarification of further design details, but once construction is underway the project will sustain 300 jobs.

Matt Chandler, development director at Godwin Developments, said: “We are delighted to have received the resolution to grant planning approval from Nottingham City Council for our proposals, which will transform this eye-sore of a building into a thriving student hub.

“The Bendigo Building will also bring a substantial amount of investment, attracting £234 million of economic activity to Nottingham and the region in the form of construction, employment and discretional spend.”

The scheme has been designed with sustainability in mind and contains features, such as air source heat pumps, photovoltaic (PV) roof panels and an energy efficient building fabric. It promotes greener ways of travel in and around the city, supporting cleaner air and reducing traffic congestion in the area.

James Mulcare, Head of Residential Capital Markets at Godwin Developments, said: “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.”