Major residential development unlocked with £31.5m loan

Fortwell Capital has completed a new £31.5m development loan to Blenheim Land & Properties, for a multi-phase residential scheme on the former Hallam Towers Hotel site in Sheffield.

The loan will enable the construction of both phases of the 117 unit scheme, which is in a strategic gateway location on Fulwood Road, between Broomhill, Ranmoor and Endcliffe.

Phase one is under construction, comprising a 15-storey tower with 103 one, two, and three bed apartments within 3.2 acres of gated grounds.

The second phase will include 11 townhouses and three apartments adjacent to the main tower. The scheme will also feature a dedicated concierge and a gym available to residents.

The development represents Fortwell Capital’s first ever deal in Sheffield with the lender continuing to target high-quality housing developments in strong regional markets.

Domis Construction, with which Fortwell Capital has a longstanding relationship, has been appointed as the main contractor for the Hallam Towers scheme. The project is being marketed and sold by Sheffield-based agency and new homes specialist, Redbrik.

Nick White, associate director, Fortwell Capital, said: “Mass relocation of people and businesses out of London is a trend that has very much driven our origination strategy in recent years.

“Once the pandemic subsides we anticipate increasing numbers of people seeking a higher quality of life in Sheffield and other regional cities, creating a huge opportunity for developers to bring forward stunning new schemes like Hallam Towers.

“The size and scope of this facility aligns with our appetite for funding new modern developments in key cities that are growing economically, and where there is high and rising demand.

“We’re looking forward to working with Blenheim Land & Properties in the months and years ahead.”

Chris Anderson, director, Blenheim Land & Properties, added: “We are ecstatic that we can finally announce and showcase what we’ve been working extremely hard on for the past five years.

“We are now in a position where we can see our vision for the site becoming a reality.

“The Fortwell team have an exceptional understanding of the local market and our development objectives. Their expertise and support will be critical to realising our vision of transforming this iconic site into the jewel in Sheffield’s residential crown.”