The Well Meadow site will contain 284-homes by developer Panacea Property Development.

Grainger said construction is now expected to start in early 2020 with practical completion anticipated in early 2022.

Helen Gordon, Chief Executive of Grainger, said: “We are very pleased to further strengthen our Sheffield presence with this acquisition, which will deliver 284 high quality homes for rent in one of our target cities.

“With the city centre area undergoing significant regeneration, and housing demand supported by Sheffield’s strong graduate retention rates, we are confident that Well Meadow will prove to be a popular location to live. 

“Upon completion of this project, Grainger’s Sheffield cluster will comprise 521 purpose-built PRS homes.”

 Neil Patten, Director at Panacea Property Development, said: “Following on from our successful delivery of phase one of this important regeneration area, we have liaised closely with Sheffield City Council to deliver institutionally backed build to rent accommodation in this key location for the city. 

“Sheffield’s residential rental offer will undoubtedly be enhanced by purpose built, high quality build to rent accommodation and we are delighted to be working with the Grainger team to achieve this.”