£38m private rented sector apartment building to be developed in the heart of Sheffield

CTP, the property development and urban regeneration specialist, is planning the first institutionally-owned private rented sector (PRS) development in Sheffield city centre.

The 190-apartment building will be located close to the Sheffield Midland Train station in the Cultural Industries Quarter. It will be named Porter Brook, after the river which borders the eastern side of the one-acre site.

Headquartered in Manchester, CTP has also behind the St Paul’s Place development in the heart of Sheffield.

CTP is working in conjunction with Sheffield City Council on this £38m project, having been selected as the preferred developer by the Council following a marketing campaign last autumn.

The 160,000 sq ft Porter Brook mixed-use development will comprise two blocks, one of six storeys and one of seven storeys with one and two-bed apartments, together with commercial units on the ground floors fronting Sidney Street.

The development will also incorporate a new riverside pocket park which the Council has recently built, using funds provided from other residential developments in Sheffield City Centre.

David Topham, director of CTP, commented: “This is a very significant development for Sheffield, providing the city with its first-ever dedicated private rented sector building. There is a pressing need for competitively-priced, well managed apartments to rent in the centre of the city and Porter Brook will address this.

“There has been a long-term gap between the estimated annual demand for housing in the region and the number of homes built each year. This month’s State of Sheffield report, commissioned by the Sheffield Executive Board, highlights the need for new housing in the city centre for a growing population.

“Given this pent-up demand, combined with the remarkable success enjoyed by the private rented sector in both London and Manchester, we believe this is a very attractive institutional investment opportunity. We are now actively looking for investment partners to join us at Porter Brook.”

A planning application for Porter Brook will be submitted this summer with work scheduled to start on the council-owned site next year. It will be ready for occupation in 2018.

Coun Leigh Bramall, deputy leader of Sheffield City Council and cabinet member for business skills and development, said: “We look forward to working with CTP on this extremely important development for Sheffield. CTP have an excellent track record in the city, having successfully delivered the ground-breaking St Paul’s Place office buildings.

“This will be the first PRS development of its kind in Sheffield City Centre, following on from the success of similar schemes in London and Manchester. This model delivers high-quality, properly-managed, institutionally-owned private rental apartments and will fulfil an important need in the city.

“The development will also reinvigorate the Cultural Industries Quarter and we are hoping that the units on the ground floors of the two apartment blocks will be occupied by small independent shops, cafes and creative businesses which will promote the distinctly individual atmosphere in the quarter.

“CTP will also take over the management of the Porter Brook Pocket Park from the Council, providing a much-needed attractive green space for residents and visitors to this part of the City Centre.”

The Porter Brook development team includes architects Cartwright Pickard; project managers Prosurv Consult; quantity surveyors Walker Sime; and property consultants and agents Knight Frank.