Packaged Living and Buccleuch have exchanged on an £80million Multi-Family development in Sheffield

Packaged Living (“Packaged”), the UK’s leading sustainable living specialist, is thrilled to announce the exchange of the latest multi-family housing development opportunity, as part of its joint venture with Buccleuch Property, a privately owned property investment and development company.

Located within Sheffield City Centre, the development opportunity has a GDV of c.£80million and is situated within the vibrant Cathedral Quarter, the cultural heart of Sheffield.  The mainline station is less than 15-minutes’ walk away and provides direct links to London St Pancras, Manchester Airport and the wider region.

The site currently consists of a vacant seven-storey office building, a three-storey podium and underground carpark. The proposed business plan envisages a brand-new multi-family housing (“MFH”) development which will consist of up to 340 homes, providing much needed rental housing into the centre of Sheffield.

The site is part of a wider regeneration, focussing on creating best-in-class sustainable homes as well as upgrading the transport infrastructure. A recent upgrade included the much-needed improvement to the West Bar roundabout, which sits adjacent to the proposed scheme.

Ed Owen, Investment Director at Packaged Living comments “We are delighted to secure another very exciting development opportunity with our joint venture partner Buccleuch Property. Sheffield is a market that we have tracked for a while, benefiting from a strong local economy, excellent higher education establishments and a large student retention rate. There is a demand / supply imbalance within the residential market in Sheffield and the development at West Bar Green provides an opportunity to deliver best in class new homes at scale. Packaged Living continue to target development opportunities in core markets across the UK.”

Sandy Smith, Development Director at Buccleuch Property comments “We are delighted to be working with Packaged Living on our second BTR scheme with them. The site is exceptionally well positioned, allowing us to work with our partners at Packaged to deliver a gateway redevelopment of significance for the city. The freehold  is currently owned by Sheffield City council and we also look forward to working with them on this transformational project.”