Major £38m build-to-rent residential development planned
ONE of the first private rented sector sites in the Sheffield region has been announced by developers CTP.
The company is planning a 190-flat building near the Sheffield Midland train station, with a price tag of £38m.
The 160,000 sq ft development has been named Porter Brook, after the river on the eastern side of the site. It will involve two blocks of one and two bed apartments.
A planning application will be submitted this summer, and, if successful, building work is projected to be completed in 2018.
The announcement comes as delegations from across the region attend MIPIM to investigate and promote potential investment opportunities in the property sector.
It is predicted that institutionally owned, private rented sector developments will be heating up over the coming years as foreign investors look to the UK property market.
Porter Brook is being announced today at MIPIM.
Manchester-based CTP was selected as a preferred developer by Sheffield City Council.
David Topham, director of CTP commented: “This is a very significant development for Sheffield, providing the city with its first-ever dedicated private rented sector building. There is a pressing need for competitively-priced, well managed apartments to rent in the centre of the city and Porter Brook will address this.
“There has been a long-term gap between the estimated annual demand for housing in the region and the number of homes built each year. This month’s State of Sheffield report, commissioned by the Sheffield Executive Board, highlights the need for new housing in the city centre for a growing population.
“Given this pent-up demand, combined with the remarkable success enjoyed by the private rented sector in both London and Manchester, we believe this is a very attractive institutional investment opportunity. We are now actively looking for investment partners to join us at Porter Brook.”
Coun Leigh Bramall, Deputy Leader of Sheffield City Council and Cabinet Member for Business Skills and Development, commented:”This will be the first PRS development of its kind in Sheffield City Centre, following on from the success of similar schemes in London and Manchester. This model delivers high-quality, properly-managed, institutionally-owned private rental apartments and will fulfil an important need in the city.
The Porter Brook development team includes architects Cartwright Pickard; project managers Prosurv Consult; quantity surveyors Walker Sime; and property consultants and agents Knight Frank.
CTP has also been the developer on 3 St Paul’s Place, a 10-storey office development which comprises 76,000 sq ft of grade A office space. It is currently being fitted out to cap the £130m Heart of the City project.
It involves the first speculative office building in Sheffield to be developed since the recession.
