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Plans approved for £20m student development in Sheffield
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Sheffield has been buoyed with the news that planning consent has been awarded for a £20m student accommodation scheme in the city centre.
The City’s council gave the go-ahead for London-based developer Southern Grove to build a new 246-bed development last week. Situated adjacent to the University of Sheffield’s Engineering Faculty, Steel City will include modern accommodation and networking facilities, with a rooftop bar.
Exciting
Chief Executive Andrew Southern noted: ‘Securing planning permission for this scheme will enable us to create an exciting development that will break away from the traditional concept of student halls of residence. We are working in close collaboration with Axis Architecture, the masterminds behind this striking building and with Steel City we’ve put together a high-quality redevelopment that stiches a modern twist back into the traditional 19th century fabric of that area.’[1]
‘As well as enlivening and regenerating an underused site, Steel City will benefit Sheffield in a number of other ways, including job creation, increased economic activity, and the freeing up of traditional family housing stock for local people,’ he continued.[1]
Work on the project is due to begin in the Spring, with the building scheduled for completion in time for the 2019 academic year.
Top of the class
Just last year, Sheffield, home to the University of Sheffield and Sheffield Hallam University, was named the best city for graduates. This was based on:
- average graduate salary
- average rental cost
- average house price
- monthly utilities
- disposable income
- the cost of a pint (just £2.70 on average!)
Research conducted by property website The House Shop found that Sheffield had the cheapest rental and living fees. A two-bedroom house cost £667 per month to rent on average. The average purchase price was found to be £119,806.
Nick Marr, co-founder of The House Shop, observed: ‘Sheffield has been the big winner here, with the perfect combination of low rents, affordable house prices, good graduate starting salaries, cheap pints and plenty of shops, pubs, restaurants, clubs and bars to keep new graduates entertained.’[1]
Plans approved for £20m student development in Sheffield
Buy-to-let
The growing popularity of the city has led to demand for property increasing, not just for students but for those relocating from areas such as Leeds and Manchester. Sheffield is also a very attractive region for buy-to-let investors.
In 2016, Sheffield was named as the third city for buy-to-let property investment opportunities after Leeds and Manchester. The average rental yield in the city is currently 5.3% per year, according to Urban.co.uk.
Adam Male, co-founder of Urban, said: ‘Universities in the North are incredibly popular, and for parents with children studying in the area, this region presents itself as a prime place to invest. With massive transport investments planned for these areas as well as more businesses moving North, a buy-to-let in these areas is not only likely to offer short-term financial gains, but a solid long-term investment too.’[1]
[1] https://www.propertyinvestortoday.co.uk/breaking-news/2017/1/plans-approved-for-20m-sheffield-development
