New Era Developments in Sheffield bags £27m funding from Barclays

Sheffield’s New Era Developments (NED) has negotiated new banking facilities and funding of £27m to support the growing development of student accommodation with Barclays.

Established in 2000, New Era Developments recently completed Phase One of New Era Square which provides state of the art accommodation for students.

The funding from Barclays will enable the company to complete Phase Two of the development, taking the number of student beds to 656. This is in addition to the provision of leisure and office accommodation positioned around a central square.

Jerry Cheung, managing director of New Era Developments, said: “Building New Era Square in the heart of Sheffield has been an amazing journey and we’re thrilled that Barclays has been able to support this development, enabling us to complete our vision of delivering fantastic student accommodation for a vibrant and thriving community.

“Phase Two of the development will include a Chinese Incubator Unit which is expected to provide significant inward investment from China and will see a partnership in collaboration with Sheffield Hallam University once complete.”

New Era Developments employs fifteen people locally and completion of New Era Square is expected to create around 400 jobs.

Ashley Airey, Barclays’ property relationship director, put together the funding package for the deal, and said: “This is our first step in to the student accommodation market with Jerry and his team and we are delighted that Phase One is already complete.

“We have a great track record in the property sector and we’ve worked hard to understand the specific needs of the project in collaboration with local stakeholders.

“This enabled us to provide a tailored funding package to help build one of Sheffield’s newest student accommodation offerings as well as [adding] value by way of the introduction of a ‘pop-up’ branch to assist students open bank accounts on arrival.”

Law firm, Irwin Mitchell advised New Era Developments on the deal with Dean Gormley, banking and finance partner, with Andrew Wallis, real estate partner, leading the team.

Andrew Wallis added: “We were delighted to work with New Era on this project. It is going to be such an iconic development for the city and play a huge part in the regeneration of the London Road/Bramall Lane area of the city.

“It has been privilege to be able to play a part in the delivery of New Era’s exciting vision.”