Developer Victoria Halls will build the accommodation in four blocks on land bordered by Wednesfield Road, Culwell Street and Lock Street.

Victoria Halls already owns high-profile student developments in cities such as Leeds, Sheffield and Manchester.

The approved application detailed the contributions that the developer is offering through the Section106 legal agreement to improve the area, including £250,000 for existing public open space in the area; on-site provision of a £70,000 multi-use games area and CCTV and lighting to Lock Street.

The complex is due to open in September 2009.

It is thought around 500 jobs will be created during the construction period with 32 permanent jobs on site.