The proposals were submitted by Godwin Developments and are subject to clarification of further design details.
The scheme will see the currently disused property demolished and replaced with purpose build student accommodation (PBSA), which will provide new high-quality, contemporary living spaces for students in the city.
The development – which is situated less than half a mile from Nottingham Trent University – will consist of a mix of modern studio apartments, four, five and six-bedroom clusters and accessible studio rooms.
The scheme will also incorporate a range of indoor amenities such as two receptions, a spacious residents lounge, gym, study and games rooms, as well as a fully landscaped courtyard garden with outdoor seating, recreational and outdoor exercise equipment, 6 car parking and 312 cycle storage spaces.
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Two commercial units, located on the ground floor, will also provide an additional amenity for residents and the neighbouring community.
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.
"With unmet demand of over 7,000 student beds in the city and the number of undergraduates rising as both universities continue their expansion plans, 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.
"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. Other community benefits will include a large contribution towards open spaces as well as employment and training, improvement of public realm and safety.
"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."
