Market Leads & Opportunities
Listed developer acquires Sheffield site
A site in Sheffield city centre earmarked for a development of apartments has been acquired by a listed residential developer.One Heritage Group has exercised an option to purchase a site on Bank Street.The total consideration paid was £879,770, financed through a combination of a £5m shareholder loan facility, the repayment of a loan by a related party and existing cash resources.The site is located on the edge of Sheffield’s retail and commercial centre in the Cathedral District. Permission is in place for a development 21 self-contained apartments, but plans are expected to be resubmitted to increase the number to 23.The company expects the final development cost to be £2.9m with a gross development value (GDV) of £3.6m once the revised planning permission is in place. Work is set to start on site by the first quarter of 2021 with completion expected in the first quarter of 2022.
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