Huge £90 million Sheffield apartment complex back on track
Work on a giant £90 million apartment complex in Sheffield is set to resume after delays due to the pandemic.
Cassidy Group says construction of the 900-bed Hoyle Street development in Shalesmoor should restart by the end of March.
Contractors had demolished buildings and installed foundations for a student block, where an HSBC building stood, before work halted in February last year.
Alex Newbold, land manager for Cassidy, said work had stopped while funding discussions took place and they were overtaken by the pandemic.
But the project was still on.
He added: “In terms of the site itself, we have installed the foundations for the student block and we aim to have our main contractors back on site in the next couple of months.”
Meanwhile, the company had to choose between a ‘forward funded’ scheme, receiving the money in stages during construction and then handing it over on completion. Or they might pay for it themselves, fill it and sell it as an ‘income producing asset’.
There were ‘multiple people interested at different levels’, he added.
The project includes a private rental block of 260 apartments and a block of flats with 663 beds. The combined market value is estimated at £90m, making it one of the biggest in Sheffield.
Planning permission was granted in 2018. Cassidy Group bought the land from Mace in December 2018 and construction began in 2019, with completion originally expected late last year.
The site includes a Grade II-listed 19th century furnace, believed to be the only one of its kind in the country. Daniel Doncaster and Sons built it in 1848 to produce steel through the cementation process.