Keepmoat has started building the first homes of a £800 million rental property investment project in Sheffield.
The contractor is underway with work to deliver 24 apartments on land off Park Grange Road in Norfolk Park. Construction is expected to be completed in September 2017.
The scheme is part of a partnership between Sheffield Housing Company (SHC) and Sigma Capital Group, who plan to deliver 2,300 new homes over the next 15 years in Sheffield.
The scheme has also allowed Keepmoat to form a joint venture (JV) with Sigma Capital Group to build 5,000 new homes across the country by 2021.
John Clephan, Project Director with SHC, said: “The choice of housing in any area is crucial for its strength and prosperity. We are already seeing some very positive changes in some of the city’s neighbourhoods as a result of the housing investment which has been made in the past five years. I am certain that the rented homes, through Sigma, will be a great addition to the neighbourhoods in which they are built.”
Martin Smithurst, regional managing director at Keepmoat, added: “We’re pleased to be delivering the first scheme of this major investment in a thriving city like Sheffield, where the need for wider housing solutions is apparent across the board.
“We’re proud to be working in partnership with Sigma and look forward to identifying more sites in the region that could benefit from their investment.”