Launch of residential development kicks off £800m investment

THE first development of an £800m investment into PRS schemes has been launched at Norfolk Park in Sheffield.

The 24 apartments, off Grange Road through a partnership between Sigma Capital Group and the Sheffield Housing Company.

SHC has branched out from private sale to shared ownership and nor private rented sector homes.

Regeneration specialist Keepmoat is creating a wider investment partnership with Sigma to deliver 5,000 new homes for private rental across the UK by 2021. The construction group is a is also a partner of SHC.

Keepmoat has started on site at the Sheffield scheme, which is located near the city centre. Completion is expected in September 2017.

John Clephan, project director with SHC, said: “The choice of housing in any area is crucial for its strength and prosperity. We are already seeing some very positive changes in some of the city’s neighbourhoods as a result of the housing investment which has been made in the past five years. I am certain that the rented homes, through Sigma, will be a great addition to the neighbourhoods in which they are built.”

Martin Smithurst, regional managing director at Keepmoat, added: “We’re pleased to be delivering the first scheme of this major investment in a thriving city like Sheffield, where the need for wider housing solutions is apparent across the board.

“As well as working on significant regeneration projects, we are also delivering homes for sale in the region and so this step into the PRS sector will sit alongside our existing offering to allow the pace of housing delivery on strategic sites to be increased.

“We’re proud to be working in partnership with Sigma and look forward to identifying more sites in the region that could benefit from their investment.”

The joint venture with PRS specialist Sigma represents Keepmoat’s first development activity in the PRS market and further sites are in negotiation.

Graeme Hogg, COO of Sigma Capital, commented: “We are very pleased to announce that, together with Sheffield Housing Company and Keepmoat, we will be providing Sheffield with high-quality new rental homes that also foster a sense of community.

“The rental market has been neglected for too long and, as a result, is often considered to be an unattractive housing option. However, we are confident that our high quality, professionally managed new homes will finally offer an appealing alternative to home ownership and change the perception of the rental market.”