Low carbon developer secures £8.4m for Sheffield residential scheme

A low carbon property developer has secured multi-million pound funding to support a regeneration project in South Yorkshire.

Aldermore Bank has provided a £8.4m development finance loan to Citu Group to support the development of its Kelham Central scheme in Sheffield.

The loan will finance part of the Kelham Central scheme, delivering 46 residential units out of the planned 114 residential units in total.

Citu’s neighbouring Little Kelham site, now almost complete, consists of 153 homes, 15,000 sq ft of retail space and 20,000 sq ft of commercial units.

Iain Bryson, head of development and specialist property at Aldermore, commented: “Aldermore recognises that MMC is playing an increasingly important role in delivering the homes that the country needs.

“We’re committed to working closely with construction firms, housebuilders and property developers such as Citu to provide funding solutions for high quality, low carbon and sustainable developments.

“It’s great to be backing Citu Group on its next project at Kelham Central in Sheffield, which was once one of the industry heartlands of Britain and is becoming an increasingly environmentally conscious, green area of the city.”

Chris Thompson, managing director of Citu Group, added: “We’re delighted to be working with Aldermore to kickstart our next project in Sheffield.

“In the face of the climate emergency, businesses are increasingly aware of the footprints and environmental consciousness of their stakeholders.

“Banks have a large influence in directing funds towards climate conscious projects and businesses, and we welcome the vision of Aldermore in supporting us to bring to fruition this important project.”