Packaged Living has exchanged on a circa £80m GDV multi-family housing development in Sheffield city centre as part of its joint venture with Buccleuch Property.
The site currently comprises a vacant seven-storey office building, a three-storey podium and a underground carpark. The JV partners intend to deliver a brand-new multi-family housing development offering up to 340 homes on the site.
Ed Owen, investment director at Packaged Living, said: “We are delighted to secure another very exciting development opportunity with our joint venture partner Buccleuch Property. Sheffield is a market that we have tracked for a while, benefiting from a strong local economy, excellent higher education establishments and a large student retention rate.
“There is a demand/supply imbalance within the residential market in Sheffield and the development at West Bar Green provides an opportunity to deliver best in class new homes at scale. Packaged Living continue to target development opportunities in core markets across the UK.”
Sandy Smith, development director at Buccleuch Property, added: “We are delighted to be working with Packaged Living on our second BTR scheme with them. The site is exceptionally well positioned, allowing us to work with our partners at Packaged to deliver a gateway redevelopment of significance for the city. The freehold is currently owned by Sheffield City Council and we also look forward to working with them on this transformational project.”
