02 May PLATFORM_ picks Sheffield for first new-build development
Private rented sector developer PLATFORM_ is set to deliver its first new-build scheme after buying a Sheffield city centre site for a 300-unit, £75m project, Property Week can reveal.
Until now, the company, owned by private real estate investor and developer Westrock, has built its portfolio of five schemes by buying commercial units and converting them into residential projects via permitted development rights.
But this week it completed the purchase of a development site in Sylvester Street for an undisclosed sum, with planning permission for 200 homes and 46,000 sq ft of commercial space.
PLATFORM_ will bring forward a new planning application that boosts the number of homes to 300, making it one of the biggest build-to-rent schemes in the city.
“Sheffield is growing and the continued focus on growing the ‘northern powerhouse’ will make the need for high-quality city centre housing even stronger over the coming years,” said Stewart Knight, acquisitions director at PLATFORM_.
Sheffield is expected to experience significant population growth over the next decade but has not yet attracted as many BTR developers as nearby Leeds, which has become a hotbed of activity over the last six months, with Grainger, L&G and Get Living all planning to build schemes there.
The Sheffield site is located close to the city’s railway station and next to both The Moor Shopping Centre and the Sheffield Retail Quarter – the latter of which is currently undergoing a £480m redevelopment.
The deal is the first since PLATFORM_ entered into a £115.8m joint venture with Invesco, seeded with PLATFORM_’s five existing schemes. The Sheffield purchase does not form part of the tie-up, but it is understood the project could be added to the JV in the future.
CBRE represented the vendor. Lambert Smith Hampton and Travers Smith advised PLATFORM_.
Read the original article at PropertyWeek here