Funding deal for Sheffield scheme despite global crisis

Aaron Morby 3 months ago
Share

Student accommodation specialist Future Generation has refinanced a £39m development loan that will help fund construction of the third phase of a major Sheffield scheme.

Previous phases of Steel City were completed last year
Previous phases of Steel City were completed last year

It comes at the end of a remarkable five days of dealmaking for the firm, which — despite turmoil in global markets due to coronavirus — saw it secure another £55m development loan to construct two other student schemes in Loughborough and Nottingham.

The third phase of Steel City will create 19 short-let serviced apartments — in addition to the scheme’s existing 324 bedrooms — to be used by parents and friends visiting student tenants.

The concept is designed to make it much easier for students living away at university to maintain relationships with friends and family.

The £35m scheme also boasts an interactive fitness studio plus Future Generation’s signature Sky Lounge — a rooftop social space where students can relax, interact and enjoy cityscape views.

Construction of the third phase is expected to be completed by the spring of 2021 and a construction partner is yet to be chosen.

Clegg Construction built the previous phases of the former steel workshops conversion in the St Vincent’s Quarter.

Andrew Southern, chairman of Southern Grove and Future Generation, said: “The fact that these funding facilities are still coming together, even with Covid-19 wreaking havoc on industry and economies around the world, is testament to the long-term security of the student accommodation sector in the UK.

“We are going to weather this storm and come out of it even stronger, with positive consequences for the incomes of those firms and workers who help us to make these developments a reality.

“The completion of Steel City will also be an incredibly proud moment for me personally. Sheffield is my home town and I still have plenty of family and friends there.”

McAleer & Rushe has just started work on the Luxurio in Loughborough and The Vantage in Nottingham, which between them will create 943 student beds close to top-tier universities.

The £45m Luxurio development in Loughborough will contain 458 bedrooms.

London and Cardiff-based Rio Architects were appointed to design the mixed-use scheme which will include landscaped grounds, communal courtyards, roof terraces and green living walls on the outside of the building.

The development at Aumberry Gap will range from three to seven storeys and contain 1,700 sq m of commercial and reception space.

The £48m Vantage development in Traffic Street, Nottingham, will provide 485 bedrooms.

Designed by Axis Architecture, it is arranged over 12 storeys and will be one of the city’s tallest buildings.

The Vantage will boast Future Generation’s signature Sky Lounge which will make the most of views over Nottingham Castle.

Latest news

Stepnell lifts Covid pay cuts two weeks early

Family owned contractor returns to pre-pandemic salaries
1 day ago

Laing O’Rourke office staff to face temperature checks

Contractor rolls out site screening initiative ahead of white collar workers return
1 day ago

Delay confirmed for “cash flow chaos” VAT change

Domestic reverse charge plan put back to March 2021
1 day ago

BAM signs first university pain-gain share alliance deal

£220m Sheffield Hallam alliance includes designers and FM contractor
1 day ago

Willmott Dixon praises staff and supply chain for Covid response

Contractor made 2.5% profit margin in 2019 providing strong platform for pandemic challenges
1 day ago

TfL picks consultants for £500m project framework

Costain, Mace and Lendlease feature among big multi-disciplinary firms
1 day ago

SES Engineering Services MD steps down

Jason Knights to leave Wates, once successor found
2 days ago

Government protects trade credit insurance cover

£10bn guarantee to stop the market seizing up
2 days ago

Construction occupational health scheme to close

Owner B&CE pulls plug on Constructing Better Health
1 day ago

Buyers report downturn easing after April Covid carnage

Supply chain disruptions still hampering reopened sites
2 days ago

Keep the industry updated by joining the Enquirer Directory

Membership lets construction know you are open for business now or in the future
2 years ago

Leeds civil engineering contractor collapses

Athena Civil Engineering placed into administration
2 days ago

Barhale back in profit after problem contracts loss

Civils giant bounces back after tunnelling issues on aqueduct scheme contribute to £15m loss
2 days ago

Coronavirus disruption tips Van Elle into the red

Former Galliford Try finance director to become chairman of piling specialist
2 days ago

£300m to kick-start three major London schemes

Infrastructure funding for 20,0000 homes at Brent Cross, Silvertown and Barking Riverside
2 days ago

JRL Group names new civils MD

Matt Love to lead £18m specialist piling business
3 days ago

HB Reavis acquires prime Shoreditch site

Construction to start next year on latest workplace scheme
2 days ago

Premier Inn restarts construction work on 35 sites

Hotel giant committed to long term expansion plans
3 days ago

London £130m Old Kent Road scheme approved

Work to start early next year at former Carpetright warehouse
3 days ago

Plans go in for 42 acre London food market

Billingsgate, Spitalfields and Smithfield to get a new home in Dagenham
3 days ago

Kier Highways and Seddon reinstated to Prompt Payment Code

Contractors now keeping to pledge to pay 95% of suppliers within 60 days
3 days ago

Leading brick makers to axe 600 jobs

Ibstock and Forterra restructure businesses to meet forecast fall in demand
3 days ago

London fit-out firm Square Metre in administration

Fifty jobs cut as lockdown tips £32m fit-out firm over the edge
3 days ago

Last webinar for contractors interested in £600m plant

Final procurement information event before OJEU notice next month
3 days ago

Offsite system to cut staircase construction times by 80%

New integrated balustrade system added before precast stairs lifted into place on site
4 days ago

Arup bags job to re-open Cardiff city centre

Arup plans to improve public spaces, repurposed streets and digital infrastructure
4 days ago

Hard-hat mounted cough guard will help protect site workers

New product from JSP will help keep sites safe
4 days ago
JSP Ltd

Balfour Beatty to start £355m Hull A63 scheme

All systems go for delayed Castle Street upgrade to transform Hull
4 days ago

Contractors face data danger fighting covid contract disputes

Redundancies could see project knowledge lost
4 days ago

Mace bags role on £39bn Northern Powerhouse Rail plan

Firm takes lead on project controls, project, stakeholder and commercial management
5 days ago

Contractor services