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There will be considerably more places to rent in Sheffield as work has begun on a £36 million residential tower block in the city.
Earlier this week, Graham won the contract for the new build-to-rent (BTR) property, which will form part of the Well Meadow regeneration project.
Work on the buildings, which is being funded by Grainger Plc, has now begun, with Graham hoping it will be complete by summer 2023. This residential block will be the last phase of the Well Meadow scheme, initiated by Panacea Property Development.
Regional director at Graham Peter Reavey said it is “excited” to be joining forces with Grainger Plc, as the professional landlord has already made a name for itself funding hundreds of homes-for-rent in the South Yorkshire city.
“Sheffield is undergoing a period of regeneration and the provision of high-quality housing remains a priority,” stated Mr Reavey.
He added: “This latest phase will certainly enhance the opportunities available to renters and we’re pleased to be working with the team to deliver them.”
The project will see 284 apartments being built across two buildings. Once complete, there will be 133 two-bedroom flats, 139 one-bedroom homes and 12 studios.
These are expected to be finished to a high standard, complementing the other new build properties in the Well Meadow Conservation Area, located in Sheffield’s city centre.
It is hoped the high-quality apartments being built in this area will “help to attract and retain the skilled workers needed in a modern city economy”, according to a spokesperson from Panacea Property Development.
The site is strategically located within walking distance of restaurants, bars, offices, the University of Sheffield, hospitals, and Netherthorpe tram stop, making it an ideal area for young professionals and students.
The first phase of the development, which comprised 305 student accommodation apartments, was completed in September 2016. The units are now fully occupied, proving how popular the apartments, and their location, are to young people in Sheffield.
Managing director of Panacea Property Development Gareth Riddell stated the company is “delighted” about the next step of the mixed-use development, particularly having worked closely with Sheffield City Council for the last two years.
Together, they made sure “our plans for this next phase of development provide excellent design standards, and achieve the council’s aspirations for the delivery of institutionally backed build-to-rent accommodation, within this important regeneration scheme”, he stated.
Mr Riddell went on to say: “Sheffield’s residential rental offer will undoubtedly be enhanced by purpose-built, high-quality build-to-rent accommodation within this area of the city.”
Well Meadow is not just known for its new and exciting buildings, but its historic significance in Sheffield. This is due to its links with the city’s metal trades, such as the cutlery industry. There are several important metal trade buildings in the Well Meadow Conservation Area, including the Grade-II* listed 35 Well Meadow Street.
There are also landmark buildings located here, including St Vincent’s Church, as well as listed buildings on Garden Street, and typical street patterns, stone kerbstones and setts from the 18th Century.
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