ONCE it accommodated test cricketers playing at Trent Bridge. Then the coaching inn became a shopping mall. And now owner London & County is turning the upper floors of the Flying Horse into student accommodation, with work nearing completion.
The two upper floors of the shopping arcade have been developed into 16 en suite bedrooms as well as a communal lounge and kitchen area.
Conversion work began in October. The remaining fixtures and fittings are now being put in place and development will finish in the next two weeks.
Simon Blair, of London & County, said: "When we acquired the arcade in 2011, the aim was to turn it around so that it was a commercial success, as well as a quality shopping destination.
"We looked at every opportunity to increase the arcade's profitability, even outside the retail market.
"The upper floors of the arcade were not being used and we realised it would be a great space for accommodation, as its central location is perfect for students from either of the city's two universities."
He added: "Without doubt, student housing has proved to be one of the most resilient investment sectors in the current economic climate.
"It is the fastest-growing market in the UK property sector in terms of rental growth and the demand is still very much there in Nottingham."
Demand for student accommodation grows every year – despite the recently increased tuition fees.
Nationally, the numbers are growing at ten times the rate of supply for new accommodation.
Property agent FHP Living will be managing the rentals to students on behalf of London & County.
Henry Shaw, student lettings manager at FHP Living, said the conversion was "a fantastic idea".
"The flats will cater to the upper end of the student market – and we're expecting to see strong demand for them.
"Once the flats are finished, we'll put them on the market straight away.
"Students will soon start the hunt for accommodation for the 2013-14 academic year."
London & County is a property investment and development group founded in 1997 by Dennis Baylin and Simon Blair.
The mall is home to shops such as Trendyfeel, Vivienne Westwood, The Cheeseshop, Stick & Ribbon, Atomic, George Thornton Art and Cathy Stephens.