Property Development in Sheffield

Property Development in Sheffield

By David Wade

Sheffield is a vibrant city that has changed considerably in recent years. There has been a push to regenerate some of the more run-down parts of the city of late. Although a lot of this regeneration has involved the creation of public works in the city centre, such as the Winter Gardens and the Peace Gardens, there have been a considerable number of new and modern property developments.

Sheffield is Britain’s fastest growing city outside London for office and residential space. After many years of decline, the economy is once again on the rise, with £250 million invested into the city in 2005. As a result of this recent economic revival, there has been a very noticeable surge in property developments across the city.

Conversion projects have been taking place in Sheffield’s more industrial areas. Schemes such as those at Cornish Place and Brooklyn Works, which provide over 100 loft style, live/work and new build flat accommodation units, have made use of the city’s numerous former steelworks to provide accommodation aimed at young professionals. Several regeneration projects have been completed or are underway which will ensure the successful reinvention of those areas.

One of the major redevelopments in the city is taking place at Park Hill. The imposing building, originally constructed in 1961 to re-house people following slum clearance, is being converted by regeneration company Urban Splash into a modern and innovative living space that will house about 800 people. The development will also comprise bars, restaurants, allotment space and shops. As it is Europe’s largest listed building, the developers do not expect the project to be complete until 2014.

Sheffield City Council currently has three major regeneration projects operating in different areas across the city where the housing market is being renewed. The East Sheffield Regeneration project aims to provide affordable housing for vulnerable people and aims at creating a vibrant cosmopolitan area and a strong housing market in the Burngreave, Firvale, Darnall, Attercliffe and Tinsley areas. The North Sheffield project is looking to do similar work in the area from Grimesthorpe to Firth Park. Housing Market Renewal is also taking place in the south of the city in areas around Manor Park, Arbourthorne and, as already mentioned, in Park Hill.

The two major universities in Sheffield means there is a constant demand for specifically student accommodation. As a result there is a thriving housing market in the city providing affordable lodgings for the 55,000 students who arrive every year. A good example of this can be seen in the new student accommodation development near the Netherthorpe Road tramstop. The student presence across the city has meant that there is a thriving scene of bars, clubs and a strong music scene of international reputation – the fact that the University of Sheffield sees more of its alumni remaining in the city than any other British university is testament to the desirability of the area.

The housing market is growing and diversifying in Sheffield at an increasingly rapid rate. The city provides ample accommodation for people with varying economic backgrounds, ages and jobs. More and more the city is becoming an exciting place to live, due in no small part to the vibrancy of its recent property developments.