Almost £20million in funding has been secured to bring forward the latest phase of the redevelopment of Sheffield’s Park Hill Estate.
Joint venture (JV) partners Urban Splash and Places for People have agreed a £19.9million, two-year funding deal with Lloyds Bank Commercial Banking Real Estate and Housing.
The development finance agreement will support Phase 2 of the development, which is set to come to market in the spring.
This phase will comprise 195 homes, including one-, two- and tree-bedroom flats and two-bedroom townhouses retaining the duplex and double aspect layout with balconies. It will also feature 20,000s sq ft of mixed-use commercial space with the potential for offices and workspaces, as well as a new café or restaurant and terrace.
Contractors are currently on site with completion of the project due in 2021.
Work on Phase 3 of the Park Hill development is also underway. A 356-bed student accommodation building is being developed by Alumno Developments and is due to be occupied in September 2020.
Phase 4, comprising a new S1Artspace alongside further residential units, has also been approved.
Park Hill, located on a hill above the city’s railway station, is one of the Sheffield’s best-known landmarks.
The property was built in 1961 and was one of the first Brutalist buildings in the UK. It was awarded Grade II*-listed status in 1998.
The estate has been the subject of several TV documentaries and a musical, Standing at the Sky’s Edge.