Developer acquires site for new-build PRS development

Developer PLATFORM_ has acquired a major Sheffield city centre site for a 300-apartment PRS development.

The build-to-rent company has acquired the Sylvester Street site near to The Moor Shopping Centre and the £450m Sheffield Retail Quarter, with CBRE representing the seller.

The Sheffield site is the developers first new-build development. It said that it had seen an appetite for regional rental developments, with major schemes announced in Manchester, Liverpool and Leeds.

PLATFORM_ plans to seek further planning consent to increase the number of units from 201 to around 300 apartments. The current consent also offers 46,000 sq ft of offices.

The deal, which is the company’s first since they entered into their joint venture with Invesco, was carried out on PLATFORM_’s behalf by Lambert Smith Hampton and Travers Smith.

It follows a deal with Invesco to create the UK’s first operational build-to-rent portfolio. The JV, announced in April, covers PLATFORM__’s first five assets, which are around 75% let.

Stewart Knight, acquisitions director at PLATFORM_, said: “This site is in an excellent location and provides a great opportunity for us to raise the bar for city centre living; we have space for 300 well-designed, fully-sized apartments with a considerable amount of amenity and parking.

“Inward investment in Sheffield is growing and the continued focus on growing the Northern Powerhouse will make the need for high-quality city centre housing even stronger the over coming years.”

Jean-Marc Vandevivere, chief executive of PLATFORM_, said: “We’re delighted to have completed our first new-build deal that marks the second phase of our business plan. Having secured a great 10-year relationship with Invesco, we now plan to expand rapidly and capitalise on the growing consumer and investor demand for build to rent.”