INVESTMENT HIGHLIGHTS
- The site occupies 2.5 acres and is located in the northwest of the city centre, in Sheffield city centre ring road. The site splits into two development plots both being developed by the Sponsor: 663 bed student scheme and, a 260 private residential scheme together with associated 48 car parking spaces. A new publicly accessible space between the buildings provides access to both schemes.
- The site also includes a Grade 2 Listed cementation furnace. This Scheduled Ancient Monument will remain a key feature of the residential scheme. In terms of public transport, the site is served well with Sheffield Supertram running along with the nearest stop some 2 minutes walk. Sheffield railway station is only 15 minutes walk south of Hoyle Street providing regular services within the region. It also provides regular services to London, Birmingham, Bristol and the South West.
- The residential block comprises a range of studios, one bed and two bed units arranged around the cementation furnace and with views over the Furnace Hill Conservation Area and Kelham Island. The 260 PRS Apartments compromises of the following residential mix: 29 Studio Apartments, 151 One Bedroom Apartments, 74 Two Bedroom Apartments and 6 Two Bedroom Duplex Apartments.
- The building will feature a GIA of 16,626 sqm and a net area of 121,416 sqft. The expected gross rental income of the property is £2.4m or equivalent of £16.7 psf or £9,200 per apartment per annum in average.
- Considering operating and void costs of 23% the property net annual projected income is £1.85m. At a 5.15% yield, the estimated gross development value on a forward funding basis is £35.2m.
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DEAL DATA ROOM
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