A first for Sheffield; £38 million PRS development
16 March 2016
In a major coup for the city, Sheffield City Council announce plans with award winning company CTP for Sheffield’s first institutionally-owned private rented sector (PRS) development in the City Centre.
The 190-apartment building will be located close to the 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.
CTP, the company behind the pioneering St Paul’s Place in the heart of Sheffield City Centre, is working in conjunction with Sheffield City Council on this £38 million project, having been selected as the preferred developer last autumn.
The 160,000 sq ft Porter Brook development will comprise of 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.
Of the PRS development, Councillor Leigh Bramall, Deputy Leader of Sheffield City Council and Cabinet Member for Business Skills and Development has said: “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.”
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.
The development will also incorporate a new riverside pocket park recently built by Sheffield City Council.