Property crowdfunding firm announces launch of new residential scheme
UOWN, the property crowdfunding company, has announced the funding launch of a new residential development in Sheffield.
Situated in the Castlegate area of of the city, on the old Stantons Bakery and Cafe plot, the development will comprise twelve apartments and be completed by the start of 2020
Around 200 people are expected to invest into the project together using the UOWN platform.
With an aim of providing affordable housing to the local people, this Castle Street development will be made available to first-time buyers as a priority. .
Castlegate is situated in the north-east of the city centre and is the latest part of a strategic plan to regenerate Sheffield. The area is being earmarked as a place for new business to thrive in the tech, creative and leisure sectors, with locations being created for startups and co-working spaces in repurposed historic buildings.
Simon Ogden, Castlegate programme director, who has been driving the project for Sheffield Council and Castlegate Partnership, said: “We wanted to work with local business partners, people with a real interest in building on its unique character and who share our vision.
“UOWN has an interesting new model for helping people to invest in the local Sheffield economy, we have big ambitions for the Castlegate area and the Castle Street project is an important example of fresh thinking on how to unlock the potential of the former Stantons Bakery and Cafe – one of the most distinctive buildings in the quarter.”
Launched in 2016, UOWN offers a crowdfunding service where customers can choose to invest as much as they want per month from as little as £1 to earn returns of roughly 15% per project.
Shaan Ahmed, co-founder of UOWN, said: “At UOWN we are committed to finding new and innovative ways to help people on to the property ladder, through our service we have helped over 2500 people to begin their own journey.
“We are pleased to announce the Castle Street development funding process, which will be a part of an exciting regeneration project in Sheffield. We feel that the plans the council are putting into place will help the area thrive, the potential new business and recreation services make for a great place for people to live and work.”
Haaris Ahmed, co-founder of UOWN, added: “We are always looking for interesting opportunities for our UOWN customers, working with Sheffield Council to regenerate the Castlegate area was a no-brainer.
“The old Stanton Bakery building is a classic piece of architecture, and our plans will sympathetically update the building. Once completed, these beautifully finished apartments will be made available for locals and first-time buyers, meaning no foreign investors buying them all up, making sure we are giving Brits a chance to start their own property journey.”
