Fortuna Terra bags Sheffield’s Commercial House
The development company has moved at pace to acquire the asset from Glenbrook, intending to stick with consented plans to convert the office building into 40 apartments.
Glenbrook was granted permission for the scheme last week, and said at the time it was mulling over whether to develop the project itself or sell to a developer.
As part of the £8.8m redevelopment of the 35,000 sq ft building, the ground-floor retail units will be retained and the flats themselves will be a mix of one- to three-bedrooms geared towards the high-end market.
Now known as Barclay House, a nod to its former life as a Barclays bank, construction is due to start in early January with practical completion expected by Q4, 2026.
Located on Commercial Street, the building is a gateway location in Sheffield and sits close to the city’s retail core and a Supertram stop.
While the final project team taking the scheme forward is yet to be decided, companies involved in the plans drawn up by Glenbrook included planning consultant Urbana, transport consultant TPS, NoiseAir, EPS Consulting, and structural engineer Vision Design Group.
Chesterfield-based Fortuna Terra, led by shareholders Bobbie Bhogal, Justin Hipkiss, and Freddie Porter, also has a 34-apartment, £5m project in Huddersfield.
Porter commented: “Sheffield has been chosen as a key focus area for Fortuna Terra due to its strong fundamentals, growing demand for city living, and ongoing urban regeneration.
“We recognise Sheffield’s momentum as one of the UK’s most exciting regional growth stories and we intend to play a role in shaping that future.
“We have an extensive pipeline of office-to-residential projects and a target to deliver over 200 new homes annually. We want Fortuna Terra to position itself as a key player in the northern residential market.”
