UK Regeneration, the property organisation charged with bridging the gap between private funding and public sector regeneration schemes, is targeting land in Sheffield to build a series of campus-style developments of homes and workspaces in pockets across the city.
The project already has major institutional funding in place and would guarantee local construction jobs and deliver new forms of affordable housing in a village-style setting designed to be self-sustaining, with shops and leisure facilities.
UK Regeneration chief executive Jackie Sadek said at a dinner hosted by Nabarro and Knight Frank that Sheffield is ripe for such developments and the project answers the local demand for new types of affordable homes.
“What is unusual about this project is that we have the funds in place, we have the outline designs, we have the Government’s ‘buy now, pay later’ scheme for land acquisition and we are absolutely ready to go,” explains Jackie Sadek.
“All we need now is for the local authorities and other land owners from Sheffield and from the surrounding towns to come forward with the locations. With favourable planning decisions we can be up and running very quickly.”
The project, launched at Nabarro’s Sheffield office, has major backing from City-based institutions and is designed to deliver a high standard of affordable homes to people in their 20s, 30s and 40s who cannot afford a mortgage.
Nabarro partner Martin McKervey said: “This is a challenge the city must rise to. We need more housing and we need it fast. We have someone with huge financial backing saying ‘here is the money, where is the land?’ It is too good an opportunity to pass up without very serious consideration.”
Knight Frank partner Tim Bottrill says: “UK Regeneration has adopted a unique approach to delivering a solution to the problems faced by the UK housing and commercial markets, using publicly-owned assets and leveraging against them. It shows it is still possible to succeed despite a struggling economy, through innovation, collaboration and hard work.”
UK Regeneration is seeking uncontaminated land that is a minimum of five acres in site, near or in city centre locations, available on ‘buy now, pay later’ terms.
It says that each scheme will use local architects and construction companies, guaranteeing local jobs.