Green light for £16.5m former Lloyds office conversion
Following the submission of plans in August, Navigation House in Sheffield will now be turned into 82 apartments by developer Fortuna Terra.
This scheme has been in the making since April, when Fortuna Terra exchanged contracts with Lloyds on the property, in a deal brokered by CBRE, announcing at the time that it intended to build 81 apartments.
Now planning is secured, the developer will look to complete the purchase imminently.
Start on site is anticipated for Q1, 2027, with an estimated 18-month build programme.
Alongside contractor STC Design and Build, the wider project team on the scheme, which has an estimated £16.5m GDV, includes Urbana Town Planning and CODA.
Located by Victoria Quays in the historic canal basin district near the city centre, the building has a waterfront location and 31 parking spaces.
The development is targeted at Sheffield owner occupiers, responding to a market that has, in recent years, seen delivery skewed toward BTR stock.
Fortuna Terra founder Freddie Porter, said: “The approval of plans for 82 new apartments at Navigation Yard represents an important step forward for Sheffield’s historic Quays area.
“Our vision is to deliver high quality homes that attract owner occupiers who will put down roots, support local businesses and contribute to the long term regeneration of the neighbourhood.
“Navigation Yard will introduce a new residential community and help establish the Quays as a vibrant, sustainable and increasingly desirable place to live.”
It is the second project in Sheffield for Fortuna Terra, following the purchase of Commercial House from Glenbrook, with plans to convert the office building into 40 apartments.
