More than 200 new flats are to be built in a Sheffield neighbourhood after a landmark deal was signed.
The deal, signed yesterday, between South Yorkshire Housing Association and the Cheyne Social Property Impact Fund will see 219 flats built at the steelworks site, in Kelham Island.
It means the housing association has become the first in the country to secure investment of this kind.
The first phase of development is expected to start on site in autumn 2016, subject to planning approval, and scheduled for completion in autumn 2018.
Miranda Plowden, business development director at South Yorkshire Housing Association, said: “This is a really exciting development for us, one of the biggest deals we’ve ever done and marks a major move for us into the private rented sector, whilst still being able to offer quality homes at lower rents.
“We’re committed to working with partners to help solve the housing crisis, and we hope this is the first of many innovative projects like this that can deliver the housing that the Sheffield City Region desperately needs.”
All properties will be available to rent through Crucible Sales and Letting.
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