A property development company has completed the purchase of a 2.5 acre site in Hoyle Street in central Sheffield which it intends to turn into a 550-bedroom student accommodation scheme.
The development arm of London-headquartered Mace has completed the purchase of the site, which stands in a prime location on the edge of the city and features the grade-II listed Cementation Furnace monument on Doncaster Street.
The monument will remain a key feature of the site, which the business is intending to develop into a 550-bedroom student accommodation scheme which will incorporate retail units, and 150 residential units either for sale or as a private rented sector investment.
According to the business, completion is due by the summer of 2020.
The purchase is another step forward for Mace’s student development portfolio, which will involve the company providing 2,000 student beds in the next three years across consented sites in Cardiff, Exeter and Oxford, as well as this new site in Sheffield.
David Grover, Mace’s chief operating officer for development, said: “We’re delighted to be able to play a role in the ongoing regeneration and transformation of Sheffield.
“Mace works across the Northern Powerhouse, and is keenly aware that delivering sustainable growth in the UK’s Northern cities is crucial to both the Government’s emerging industrial strategy and our country’s wider economic success.
“This purchase is part of a strategic investment programme to grow our development portfolio of purpose-built student schemes across some of the UK’s most popular universities cities.
“We are still looking for a range of new sites and will be continuing to investigate potential investment options across the country.”