Plans to turn a rundown nightclub in Tottenham into student accommodation have been approved. On Monday (March 25th) councillors gave their blessings to the development, which will form part of the area's regeneration. The Opera House nightclub on Chesnut Road will be partially demolished and replaced with 64 student apartments, helping to bolster Tottenham's student accommodation stock.
However, the 19th century Italianate facade will be restored in the redevelopment, with the new four-storey block built behind it. This was an important caveat of the plans, as the nightclub lies in a conservation area. It was also a one time haunt of football players and its rich history will no doubt add a certain something special to the student development.
The project is also hoped to act as a boost to Tottenham's economy and regeneration attempts, bringing students into the area to stimulate activity. Councillors have stated that developers must create a link with a university or college before beginning construction to ensure there will be interest. All 64 apartments must also be occupied by full-time students of that establishment. Developers must also pay GBP 150,000 to the borough, which will go towards affordable housing and pedestrian safety.
During the discussion of the proposals, it was also agreed that the student development will be a welcome neighbour for a 49-room care scheme for the elderly and disabled, which is soon to be re-developed.
Councillor Alan Strickland, cabinet member for economic development, said: "We are clear that a key part of Tottenham’s regeneration is bringing the right mix of housing to the area so I am pleased to see these plans have been approved. This development will restore the building’s impressive frontage and attract more people with money to spend in our shops and restaurants."
Student accommodation is proving to be one of the most popular forms of property investment. Across the country it has been delivering total returns of between 11 and 15 per cent. Matthew Robertson explained to the Nottingham Post that unlike other market, student accommodation isn't prone to yearly fluctuations.
- Tuesday 02 April 2013