Crosslane Student Developments can now redevelop the site on Scotland Street in the St. Vincent’s Quarter, its first scheme in Sheffield.
Works are due to start next month building three new residential blocks of six, seven and eight storeys, each with a green “living” roof.
The high specification brick and glass development will have 144 studios and 293 en-suite cluster flats, along with a substantial common room, a private study room and meeting hubs, gym and a large landscaped internal courtyard.
Crosslane Student Developments exchanged contracts in March this year with Bolsterstone Group Plc, a leading local property development and investment company, to acquire the site, known as Princess Works, which was formerly used as a Brass Foundry which closed in 1972.
Robert Goulsbra, Development Manager of Crosslane Student Developments, said: “Crosslane Student Developments continues to identify and evaluate potential opportunities to further grow our successful student accommodation business in the UK.”