The site is close to the West Bar roundabout. Credit: Google Earth

BTR specialist teams up with Buccleuch in Sheffield

2 December 2024 10:03 Neil Tague Comments (0)

Rental-focused Packaged Living plans to deliver an £80m project at West Bar Green in its second joint venture with developer Buccleuch Property.

The site, close to the recently improved West Bar roundabout, currently houses a vacant seven-storey office building, a three-storey podium and underground car park.

As proposed by the partners, the business plan envisages a new multi-family housing development of up to 340 homes.

Ed Owen, investment director at Packaged Living, said: “Sheffield is a market that we have tracked for a while, benefiting from a strong local economy, excellent higher education establishments and a large student retention rate.

“There is a demand/supply imbalance within the residential market in Sheffield and the development at West Bar Green provides an opportunity to deliver best in class new homes at scale. Packaged Living continue to target development opportunities in core markets across the UK.”

The Packaged/Buccleuch site is close to developments such as Soho Yard, which comprises 368 build-to-rent apartments backed by Legal & General at West Bar; and the £53m Hollis Croft development, where Torsion and Housing Growth Partnership are delivering 234 BTR apartments.

Sandy Smith, development director at Buccleuch Property, said: “The site is exceptionally well positioned, allowing us to work with our partners at Packaged to deliver a gateway redevelopment of significance for the city.

“The freehold is currently owned by Sheffield City Council and we also look forward to working with them on this transformational project.”