Sheffield residential scheme to be unlocked following multi-million pound funding

A new multi-phase residential scheme in South Yorkshire is expected to be completed after a £31.5m development loan was granted.

Fortwell Capital, investors within the UK real estate sector, has completed a new £31.5m development loan to Blenheim Land & Properties, therefore giving the green light for a multi-phase residential scheme on the former Hallam Towers Hotel site in Sheffield.

Construction of phase one is already underway, and the loan is expected to enable the construction of both phases of the 117-unit scheme. The development is situated on Fulwood Road, between Broomhill, Ranmoor, and Endcliffe.

The deal is Fortwell Capital’s first in Sheffield, and it has appointed Domis Construction as the main contractor. The project is being marketed and sold by Sheffield based agency Redbrik.

Nick White, associate director of Fortwell Capital, said: “Once the pandemic subsides, we anticipate increasing numbers of people seeking a higher quality of life in Sheffield and other regional cities, creating a huge opportunity for developers to bring forward stunning new schemes like Hallam Towers.”

He continued: “The size and scope of this facility aligns with our appetite for funding new modern developments in key cities that are growing economically, and where there is high and rising demand.”

Chris Anderson, director of Blenheim Land & Properties, said: “We are ecstatic that we can finally announce and showcase what we’ve been working extremely hard on for the past 5 years. We are now in a position where we can see our vision for the site becoming a reality.”

He continued: “The Fortwell team have an exceptional understanding of the local market and our development objectives. Their expertise and support will be critical to realising our vision of transforming this iconic site into the jewel in Sheffield’s residential crown.”