Construction of Sheffield's £90m apartments complex delayed again
Construction of Sheffield’s biggest apartment complex has been delayed again - but ‘will be flying next year’ the developer says.
Cassidy Group says its £90m, 900-bed Hoyle Street development in Shalesmoor should now be finished in September 2023, four years after work began.
The update comes amid growing concerns the project had died.
WHAT IS THE HISTORY OF THE SITE?
Planning permission was granted in 2018 and construction began in 2019, with completion originally expected late last year.
Now, the firm is aiming to start on site early next year and complete 18 months later, in time for the 2023 academic year.
The project includes 663 student beds and a block of 260 flats for private rent.
Alex Newbold, land manager for Cassidy, said they were finalising the builder and it was all systems go.
He added: “We should be flying next year. Build costs have gone up but the market is rigging and students are still coming to Sheffield so we’ll be able to offset the costs.”
WHY IS IT HISTORICALLY INTERESTING?
The site includes a Grade II-listed 19th century cementation furnace, believed to be the only one of its kind surviving in the country.
Daniel Doncaster and Sons built the furnace in 1848 to produce steel through the cementation process.
Meanwhile, the company has yet to choose between a ‘forward funded’ option, receiving the money in stages during construction and then handing it over to the funder on completion. Or they might pay for it themselves, fill it tenants and sell it as an ‘income producing asset’.
The firm is busy on other sites in the UK, Mr Newbold, added.