Catherall Developments secures Kelham Exchange funding

With works on site already progressing and construction due to start imminently, the £5.3m facility will support the delivery of 43 apartments and four commercial units on Acorn Street in Sheffield.

Catherall applied for permission for the development in November 2022, supported by CODA Architecture.

The project has involved the demolition of the former Avis car rental garage, which was a one-storey building on the site.

The funding has been provided by Paragon Development Finance, as a 22-month facility. The scheme has a gross development value of £8.25m, with Paragon providing funding at 65% loan-to-value.

Kelham Exchange will comprise 31 one-bed and 12 two-bed apartments, with the scheme aimed at attracting residents and investors.

Kelham Island is a former industrial zone, which lies to the north of Sheffield city centre and has underseen huge regeneration efforts in recent years.

Craig Seaborne, senior portfolio manager at Paragon said: “Kelham Exchange is a well-located scheme in one of Sheffield’s most distinctive residential neighbourhoods. Kelham Island has seen significant regeneration over recent years and continues to attract demand from residents and investors seeking high quality, well-connected city living.

“We are pleased to support Catherall Developments on this project. Matt Catherall and his team have strong experience in the local market, with an established track record of delivering residential schemes in Kelham Island. This is exactly the type of experienced regional developer we are keen to support.”

Matt Catherall, owner of Catherall Developments, said: “Kelham Island is an area we know extremely well and we are excited to be bringing forward another high-quality development in the neighbourhood. Kelham Exchange has been designed to meet demand for modern, well-specified apartments in a part of Sheffield that continues to grow in profile.

“Paragon has taken the time to understand the scheme, the location and our track record in the area. Their support gives us the funding certainty to progress delivery and continue investing in Kelham Island.”