Funding deal for Sheffield scheme despite global crisis

Aaron Morby 7 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

Green light for £1bn London hotel

Kensington Forum scheme is huge vote of confidence in capital's hospitality sector
4 mins ago

Lone Star offer to buy McCarthy & Stone for £630m

Private equity investor swoops with recommended cash offer to buy retirement homes specialist
4 hours ago

Legal & General signs construction deal with nine contractors

Southern construction partners chosen by Inspired Villages - more regions now up for grabs
3 hours ago

Priti Patel snubs plea to ease controls on foreign brickies

Some big brickwork contractors warn four in five workers are EU nationals
4 hours ago

Plans in for Poole quay housing and hotel scheme

Fisherman's Dock plan for 228 flats and boutique hotel
4 hours ago

McAleer & Rushe bounces back with £350m haul of orders

Spate of wins restores two-year order book to near pre-Covid levels
4 hours ago

Graham signs off £161m Aberdeen hospital deal

Work to start next month of Baird Family Hospital and ANCHOR cancer centre
4 hours ago

ISG starts new £50m Royal Marsden cancer centre

Oak Cancer Centre due for completion in Summer 2022
24 hours ago

Vital Energi lands £6.58m energy centre deal

Specialist to build Combined Heat & Power centre on Galliford Try site
19 hours ago
Vital Energi

Causeway Donseed offers non-contact site monitoring

Facial recognition makes access control Covid safe
18 hours ago

Osborne wins prelims for £1.7bn Stonehenge route

Record £35m archaeological protection and excavation deal also signed
1 day ago

Industry door and window supplier collapses

North West's Total Glass falls into administration
1 day ago

Hill Group launches £300m London land grab

Land buying drive to boost housing pipeline in the capital
1 day ago

Mace £500m Stevenage town centre revamp approved

Mace says town centre plan is a blueprint for Government build back better ambitions
2 days ago

McAleer & Rushe wins Brixton archive and homes job

Final phase of Muse's Lambeth Town Hall scheme gets underway
1 day ago

Alumasc and Travis Perkins see sales continue to rise

Post lockdown demand continues but commercial construction lagging other sectors
1 day ago

Big name winners confirmed for CITB management training cash

Major contractors get £2.8m towards in-house training for senior staff
2 days ago

B&K starts £70m MediaCity resi scheme

14 and 17 storey blocks will contain 280 flats for sale
2 days ago

Civils outfit Bemus heads for liquidation owing £4.6m

Founder Sean Walsh applies for creditors voluntary liquidation
2 days ago

UWE Bristol to tender 900-bed student digs

Trio of six-storey blocks to be built at Frenchay Campus.
2 days ago

Amey trials pothole repair material made from old tyres

Unique rubber-modified material may be coming to Sheffield’s roads
2 days ago

HS2 reveals low-slung viaduct designs

Northamptonshire Edgcote and Lower Thorpe viaducts designed to be unobtrusive
3 days ago

Van Elle wins HS2 ground improvement deal

Firm will vibro pile 4,000 stone columns in north west London
3 days ago

Skanska wins Bristol Temple Street office job

Work to start next month on One Portwall Square project
3 days ago

Three sisters set-up plant hire business

Finnegan sisters buy first kit after securing funding deal
2 days ago

Network Rail SME spend tops £2.5bn for first time

Small and medium-sized firms account for 36% of total rail spend
3 days ago

Construction fears force immediate evacuation of London estate

Inspections raise serious concerns about Berkeley-built modular housing and student blocks
4 days ago

Bellway recladding costs overshadow hit from Covid

Pre-tax profit slumps 62% after £47m set aside for recladding and extra Covid costs
3 days ago

Workers stunned by construction pay freeze plan

Union slams "missed opportunity" to reward workers who have continued throughout pandemic
4 days ago

Former Multiplex chief joins data centre giant

Ashley Muldoon turns client after taking COO role at Global Switch
3 days ago

Contractor services