Plan for £42m upmarket flats in Sheffield to lure professionals
A property company has unveiled plans for a £42m apartment block in Sheffield aimed at young professionals - as it opens its first development in the city.
Grainger plc has hired a developer to deliver 284 flats on Well Meadow Drive, adjoining Netherthorpe Road in the city centre.
It coincides with the launch of Brook Place, on Summerfield Street, the Newcastle firm’s first venture in Sheffield, which has 237 flats.
Both are upmarket ‘build-to-rent’ schemes offering a ‘round-the-clock, hotel-style concierge service’ as well as gym, residents’ lounge and free events.
Thousands of purpose-built student flats have been built in Sheffield and Grainger thinks the time is right to offer graduates somewhere similar to move in to.
The company says both developments will also help bolster the city’s student retention rate.
Helen Gordon, Grainger chief executive, said: “We are very pleased to further strengthen our Sheffield presence with this acquisition, which will deliver 284 high quality homes for rent in one of our target cities.
“With the city centre area undergoing significant regeneration, and housing demand supported by Sheffield’s strong graduate retention rates, we are confident that Well Meadow will prove to be a popular location to live. When this project is complete, Grainger’s Sheffield cluster will comprise 521 homes designed for renters.”
Construction at Well Meadow is expected to start construction in early 2020 and the scheme’s practical completion is anticipated in early 2022.
Panacea Property Development currently owns the land and will hire a construction firm to build the flats. When complete, ownership will pass to Grainger.
Neil Patten, director at Panacea, said: "Sheffield’s residential rental offer will undoubtedly be enhanced by build-to-rent accommodation.”
Grainger launched its first scheme in London in 2015 and has six completed apartment blocks in the UK. It has another 17 schemes with 8,000 flats in the pipeline.