Residential developer acquires central Sheffield site in six-figure deal

A residential developer focused on the North of England has acquired a site in Sheffield in a six-figure deal.

One Heritage has purchased the site on Bank Street in the heart of the city for a total cash consideration of £880k.

Situated on the edge of the retail and commercial centre in the city’s Cathedral District, the site currently has planning permission for 21 self-contained apartments - however the firm wishes to increase this to 23.

The firm expects the final development cost of the scheme to be £2.9m, with a Gross Development Value (GDV) of £3.6m once the revised planning permission is in place.

Management is expecting to start on site by the first quarter of 2021, with completion anticipated for the first quarter of 2022.

One Heritage CEO, Jason Upton, commented: “We are delighted with our maiden acquisition as a listed company and this morning’s announcement is testament to the quality of the opportunities we are seeing.

“We are already seeking to expand the potential of the site to increase the number of the apartments with a view to completion in Q1 2022.”