Joint venture to replace derelict factory with homes

Sheffield-based Duke Homes and Developments is to bring a derelict factory site into new residential use.

It has bought Cliffefield Works and Fulwood House, the former Goodman Sparks workshop and office buildings on the junction of Derbyshire Lane and Cliffefield Road in Sheffield, for an undisclosed sum in a joint venture with a group of the previous owners.

The residential project, already granted permission by Sheffield City Council, will see the existing abandoned buildings demolished on the half-acre plot, with new two-storey accommodation spread across four groups of three terraces.

There will be 12 three-bedroom townhouses with gardens and off-street parking. The development has been designed by Sheffield-based architects AAD.

Brendan McMenamin, director at Duke Homes and Developments, said: “The development features high quality designs which respect the character of the area, whilst maintaining good living conditions for occupants and any neighbouring residents.

“Sustainability forms an integral part of the plans which aim to tackle issues of climate change through good quality design and make efficient use of land and infrastructure.

“Our development will enhance the character of the street-scene and create a lively and interesting environment on a former derelict site.”

Sheffield solicitors Wake Smith advised on the company law elements plus commercial property matters for the purchasers.

Tom Haywood, associate in Wake Smith’s company team advised on the joint venture and associated financing work, while Ben Spencer, director in the commercial property team dealt with the acquisition of the site from the original owners.

Haywood said: “Joint ventures are a common method of combining the business prowess, industry expertise, and personnel of several otherwise unrelated parties and can be used, as here, to combine assets and operations, share risk and make use of each party’s skills and capabilities.”

Spencer added: “Wake Smith’s combination of experienced professionals in different practice areas means we can provide the legal expertise and practical law advice that our clients need, and value, under one roof, with clients not needing to access different firms for different parts of the law.”

Click here to sign up to receive our new South West business news...