Rental specialist Packaged Living is set to deliver an £80m project at West Bar Green in its second joint venture with developer Buccleuch Property.
The site is close to the recently improved West Bar roundabout and currently includes a vacant seven-storey office building, a three-storey podium and underground parking.
As proposed by the partners, the business plan envisions a new multifamily development of up to 340 units.
Ed Owen, investment director at Packaged Living, said: “Sheffield is a market we have been following for some time, benefiting from a strong local economy, excellent higher education institutions and high student retention rates.
“There is a supply and demand imbalance in the Sheffield housing market and the West Bar Green development provides an opportunity to deliver best-in-class new homes at scale. We continue to target development opportunities.”
The Packaged/Buccleuch site is located near developments such as Soho Yard, which consists of 368 pre-built apartments backed by West Bar's Legal & General. and the £53m Hollis Croft development, where Torsion and the Housing Growth Partnership are delivering 234 BTR apartments.
Sandy Smith, development director at Buccleuch Property, said: “This site is extremely well positioned and we can work with our partners at Packaged to deliver a significant gateway redevelopment for the city.
“The freehold is currently owned by Sheffield City Council and we look forward to working with them on this innovative project.”
