Jerry Cheung’s New Era Developments has negotiated new banking facilities and funding of £27 million with Barclays to support the development of student accommodation.
Established in 2000, New Era Developments recently completed Phase 1 of New Era Square which provides accommodation for students.
The new funding will enable the company to complete Phase 2 which will take the number of student beds to 656, in addition to the provision of leisure and office accommodation positioned around a central square.
Jerry Cheung, managing director of New Era Developments said: “Building New Era Square in the heart of Sheffield has been an amazing journey and we’re thrilled that Barclays has been able to support this development, enabling us to complete our vision of delivering fantastic student accommodation for a vibrant and thriving community.
“Phase 2 of the development will include a Chinese Incubator Unit which is expected to provide significant inward investment from China and will see a partnership in collaboration with Sheffield Hallam University once complete.”
New Era employs 15 people locally and completion of New Era Square is expected to create around 400 jobs.
Ashley Airey, Barclays property relationship director put together the funding package for the deal.
He said: “This is our first step in to the student accommodation market with Jerry and his team and we are delighted that Phase 1 is already complete.
“We have a great track record in the property sector and we’ve worked hard to understand the specific needs of the project in collaboration with local stakeholders.
“This enabled us to provide a tailored funding package to help build one of Sheffield’s newest student accommodation offerings as well as allowing us to add value by way of the introduction of a ‘pop-up’ branch to assist incoming students open UK bank accounts on arrival.”
Law firm Irwin Mitchell advised New Era on the deal, with Dean Gormley, banking and finance partner, and Andrew Wallis, real estate partner, leading the team.
Andrew Wallis said; “We were delighted to work with New Era on this project. It is going to be such an iconic development for the city.
“It will play a huge part in the regeneration of the London Road/Bramall Lane area of the city. It has been privilege to be able to play a part in the delivery of New Era’s exciting vision.”