Gateway city site acquired for regeneration development

North Star has bought a major gateway site in Sheffield city centre that has planning permission for over 220 new homes and commercial space.

Located on Penistone Road in Kelham Island, the existing buildings have been earmarked for a regeneration project that will further enhance this area.

The York-based property and investment company completed the deal through Ice3 Property Finance, which found the opportunity as well as sourcing the funding and structuring the completion.

North Star will now amend the planning permission to ensure it is deliverable and can offer as many benefits as possible to the local area.

The current permission was granted in 2018 for 222 homes, 61 parking spaces and commercial unit on the ground floor. It ranges from five to 11 storeys in height.

A spokesman for North Star said: “Kelham Island has undergone massive change in recent years we are very impressed with its vibrancy and creative spirit.

“This is a great opportunity to deliver a fantastic new high-profile building on Sheffield’s skyline.

“We have previously focused a lot of our investment in York but are drawn to Sheffield’s ambition its continuing improvement.”

The site was bought from a local landowner for an undisclosed figure.