Major US investor buys key part of Sheffield’s Heart of the City II

The business giants bought the site on the corner of Rockingham Street and Wellington Street, near Devonshire Green.

It is known as Block F in the masterplan and was acquired jointly by Angelo Gordon, a global investment advisor, and Ridgeback Group, a residential investor.

More than 340 high quality homes - a mix of for rent and for sale - will be built on the development which will be known as Kangaroo Works.

The arch of the former Kangaroo Works is now in Kelham Island museum

The name was inspired by a former tool factory that was based there in the early 19th century.

Councillor Mazher Iqbal, cabinet member for business and investment at the council, said: “This is a great start to the new year and a fantastic vote of confidence in Sheffield. We need new homes of all types and these high-quality homes for rent and for sale fits without strategy of widening the mix in the city centre.

“We are committed to developing a city centre that is a hub of high skill, high wage jobs and opportunities for the people of Sheffield and beyond that gives them the vibrant and modern leisure, retail and social experiences that you would expect from a leading city the size of Sheffield, with new homes too.”

Duncan Walker of Ridgeback Group said: “We are delighted to have secured this site in joint venture with Angelo Gordon for our first UK Build-to-Rent investment. We recognise that Sheffield has strong demand for high quality homes to rent as its economy continues to grow.”

Henry Boot Construction, a Sheffield contractor, has been appointed to carry out the construction works which will be designed by local architects Whittam Cox.

The development will be overseen by Brantingham Homes, a residential developer based in Sheffield.

Michael Crooks of Brantingham Homes, said: “I’m excited to be appointed on this project having watched the progress that has been made with the Heart of the City II scheme in recent years. This is a perfect location and we have assembled a first class local team to deliver a development that we and Sheffield can be proud of.”

The announcement follows the completion of Grosvenor House, a purpose-built office for HSBC with accompanying offices and retail.

It also follows details of Block B, previously known as Sheffield's Retail Quarter.