Wavensmere Homes has launched ‘Covo’ a £10m short-term rental operation within the newest apartment building to complete at its £175m Nightingale Quarter development in Derby city centre. Bookings are being taken for stays of two nights or longer via a dedicated online portal.
Comprising all 52 apartments within the six-storey red brick Hardwick House – fronting London Road – Covo is a service orientated alternative to mainstream hotel offerings. The 42 one-bedroom and 10 two-bedroom apartments have been fully furnished and styled by an interior designer. Wavensmere Homes has appointed national short lets property management specialist My Property Host to operate the new facility, which will be manned seven days a week by a property manager and head housekeeper.
James Dickens, Managing Director of Wavensmere Homes, said: “Having been constructing the 925 homes at Nightingale Quarter for the past five years, we are aware of the number of hotels across Derby city centre that have been closed, redeveloped, or re-purposed. Meanwhile, with the expansion of major employers such as Rolls Royce and Toyota, the demand for accommodation here has never been higher. Working with My Property Host, we’ve conducted data analysis, which has confirmed the strong appetite for a quality alternative to a hotel, especially for corporate bookings.
“Our significant investment in Covo to create this 52-apartment short-term rental operation is positioned to disrupt the market in Derby and give a boost to the city’s tourism industry. For every night spent staying away from home, people spend on average a further £47 on food, drink, retail, and entertainment. We are looking forward to welcoming the first guests and establishing relationships with major employers and corporate stay booking agencies.”
Stays at Covo will be subject to a demand-led dynamic pricing structure, starting from £75 per night for one-bedroom apartments and £90 per night for two-bedroom properties. Parking is available at an additional charge. Guests will have access to the residents’ gymnasium, co-working facility, and can also make the most of the community garden and running track around the circumference of the 18.5-acre development. An extensive breakfast menu is served at The Pepperpot restaurant – which occupies the building next door but one to Covo.
Raj Patel, CEO and Co-founder of My Property Host, said: “Covo is Italian for den, which sets the tone for this major new offering. The 52 new apartments have been beautifully furnished by a leading interior designer to present a home-from-home for those staying in Derby for work or pleasure.
“The My Property Host team manages 3,500 rooms across 44 UK locations, with the launch of Covo – and this partnership with Wavensmere Homes – marking a major milestone for our business. We could not be more excited to market and manage this new operation, which benefits from a prime DE1 address, within a few minutes’ walk of Derby train station and the Derbion shopping centre, with The Pepperpot – the city’s finest restaurant – on the doorstep. Having a gymnasium and co-working facility also on-site places Covo on a par with large four-star hotels, which is exactly what this city has been crying out for.”
My Property Host has appointed an experienced hospitality and property manager Ross Gregory as the manager of Covo. The building is manned seven days a week between 1pm – 8pm to welcome and assist guests. Prior to arrival, fresh groceries and provisions can be selected from a drop-down menu, enabling the fully equipped apartment kitchens to be utilised for meal preparation. Breakfast, lunch and dinner reservations can also be made at The Pepperpot.
James Dickens added: “95% of the 925 houses and apartments at Nightingale Quarter have now been matched with buyers, with the final phases currently under construction. The addition of Covo will be a benefit to the residents living here, as friends and family will now be able to stay on-site.”
Wavensmere Homes’ flagship development has brought about the restoration and redevelopment of the Derbyshire Royal Infirmary, including the two iconic pepper pot buildings. Florence Nightingale lived in the city for three years and was instrumental in designing the hospital, which received the Royal Stamp of Approval when it was opened by Queen Victoria in 1894. A Grade II listed statue of Queen Victoria has been preserved and restored by the multi-award-winning housebuilder to ensure her legacy stands strong.
Edgbaston-headquartered Wavensmere Homes and its associated SPVs completed 522 houses and apartments during 2023 – across middle England and the Southeast – achieving a turnover of £100m for its financial year, ending 31st December. The business is on track to deliver 500 homes during 2024, which will result in a turnover of £115m.
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