UK-US property firms form joint venture to acquire Heart of the City II site
A joint venture made up of US and UK property investment firms have acquired a residential site within the Heart of the City-II development in Sheffield city centre.
The site, known as Block F, is located at the corner of Rockingham Street and Wellington Street, close to Devonshire Green.
A partnership between US-based Angelo Gordon, which is a global investment advisor, and UK residential firm Ridgeback Group has exchanged contracts with Sheffield council on the sale of the land.
More than 340 new homes, comprising a mix of for rent and for sale, will be built at the development, which will be known as Kangaroo Works. The name is in recognition of a former tool factory which was part of the site in the early nineteenth century.
Henry Boot Construction, the Sheffield-based contractor, has been appointed to carry out the construction works which will be designed by architects, Whittam Cox.
A detailed planning application is to be submitted in the next few months and work could begin on site by the end of the year.
Councillor Mazher Iqbal, cabinet member for business and investment at Sheffield City Council, said: “We are committed to developing a city centre that is a hub of high skill, high wage jobs and opportunities for the people of Sheffield and beyond that gives the people of Sheffield the vibrant and modern leisure, retail and social experiences that you would expect of a leading city the size of Sheffield, with new homes too.
“This is a great start to the new year and a fantastic vote of confidence in Sheffield. We need new homes of all types and these high-quality homes for rent and for sale fits with our strategy of widening the mix in the city centre.”
Duncan Walker of Ridgeback Group said: “We are delighted to have secured this site in joint venture with Angelo Gordon for our first UK Build-to-Rent investment. We recognise that Sheffield has strong demand for high quality homes to rent as its economy continues to grow.”
Michael Crooks of Brantingham Homes, which will oversee the development, added: “I’m excited to be appointed on this project having watched the progress that has been made with the Heart of the City II scheme in recent years. This is a perfect location and we have assembled a first class local team to deliver a development that we and Sheffield can be proud of.”
Founded in 1988, Angelo Gordon currently has approximately $32bn of assets under management. The firm has experience in the Build-to-Rent sector, having owned and operated over 50,000 units in the USA and 5,000 in Europe.
Ridgeback Group is a UK-focused residential investor and operator jointly owned by Duncan Walker, ex Investment Director at Helical plc, and George Bossom.
