First homes in £800m rental property deal to be delivered in Sheffield

The first homes in an £800m investment deal to build new rental properties across England will be delivered in Norfolk Park, Sheffield.

The development of 24 apartments, located on land off Park Grange Road, involves the Sheffield Housing Company (SHC) and Sigma Capital Group.

This Sheffield project has paved the way for regeneration specialist Keepmoat, the construction partner within SHC, to create a wider investment partnership with Sigma Capital Group to deliver a target of 5,000 high quality new homes for private rental across the country by 2021.

The new apartment scheme, which is being built by Keepmoat, has recently started on site.

The lettings and property management of the two bedroom homes will be undertaken by SDL Group.

The new apartments are located near the city centre and feature a high design specification, spacious living areas, open plan aspects, integrated appliances and fitted wardrobes included in each.

John Clephan, project director with SHC, said: “The choice of housing in any area is crucial for its strength and prosperity. We are already seeing some very positive changes in some of the city’s neighbourhoods as a result of the housing investment which has been made in the past five years.

“I am certain that the rented homes, through Sigma, will be a great addition to the neighbourhoods in which they are built.”

Martin Smithurst, regional managing director at Keepmoat, added: “We’re pleased to be delivering the first scheme of this major investment in a thriving city like Sheffield, where the need for wider housing solutions is apparent across the board.

“As well as working on significant regeneration projects, we are also delivering homes for sale in the region and so this step into the PRS sector will sit alongside our existing offering to allow the pace of housing delivery on strategic sites to be increased.

“We’re proud to be working in partnership with Sigma and look forward to identifying more sites in the region that could benefit from their investment.”

The joint venture with PRS specialist Sigma represents Keepmoat’s first development activity in the PRS market and further sites are in negotiation.

Graeme Hogg, COO of Sigma Capital, commented: “We are very pleased to announce that, together with Sheffield Housing Company and Keepmoat, we will be providing Sheffield with high-quality new rental homes that also foster a sense of community.

“The rental market has been neglected for too long and, as a result, is often considered to be an unattractive housing option. However, we are confident that our high quality, professionally managed new homes will finally offer an appealing alternative to home ownership and change the perception of the rental market.

“With over 1,500 tenants already in place, we aim to bring thousands more new homes to market over the next few years. Our partnership with Keepmoat is an important step in realising this goal.”

Completion is expected in September 2017.

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