Work to start on second phase of Sheffield development

PROPERTY developer Urban Splash has announced a joint venture agreement with the social housing landlord Places for People that will lead to work starting on the second phase of Park Hill in Sheffield.

In July Places for People paid £77m for most of Urban Splash’s flagship residential schemes, with a total of 654 apartments.

The transaction was part of a major overhaul of the debt-laden group that will see it operate under a number of new debt free corporate entities. At the time it said it would look for joint venture opportunities.

In a statement the partnership said it will work on developments such as Sheffield’s Park Hill scheme, which was not included in the July disposal.
Urban Splash has completed the first phase of 78 apartments but more than 800 remain at the 1960s blocks that overlook the city.

Places for People owns and manages more than 143,000 properties and has assets in excess of £3bn. It is headquartered in London but has one of its main corporate offices in Preston.

Manchester-based Urban Splash chairman Tom Bloxham said: “This announcement is great news for Urban Splash. Places for People and Urban Splash have many shared values, and great reputations for regeneration, placemaking and great architecture. Urban Splash has an enviable track-record having developed over 60 schemes and won 348 awards over the last 20 years.”

David Cowans, chief executive at Places for People said: “Working with Urban Splash makes absolute sense for us and is a further commitment to providing an even greater choice and access to high quality, affordable and sustainable housing.  We are very pleased to be able to work with Urban Splash, initially on the innovative development of Park Hill in Sheffield, and we will be looking at further opportunities to develop schemes within the Urban Splash and Places for People portfolio in the future.”