Mace has sold a student development scheme in Sheffield to Cassidy Group. The site – located in the North West of Sheffield City Centre and within walking distance of the University of Sheffield – was granted planning permission in September 2018 for 658 student beds and 247 residential units. The residential element of the development is made up of studios, one bed and two-bed flats all set around a landscaped courtyard. The student scheme will comprise studios, cluster flats and townhouses, and will additionally benefit from dedicated, private open space. The project has been designed by Jefferson Sheard Architects, working out of their Sheffield office, and CBRE Manchester advised Mace on planning.
David Grover, Mace’s Chief Operating Officer for Development, said: “This sale reflects the strength of the market in Sheffield – things are moving really quickly and there is clearly huge potential for further development and growth in the city. I am pleased that we have been able to sell the project to a British development company with a great track record of delivering similar schemes across the country. Mace is continuing to invest substantially in its wider pipeline of student, residential and mixed-use sites across the country."
Patric Cassidy, Director of the Cassidy Group, said: “It was a pleasure in working with such a professional company as Mace. In terms of the program, we are on site demolishing the original HSBC head offices ready to make a construction start on site in February 2019 and will hand over the 658 student bedrooms in September 2020 and the 247 PRS apartments later that year. This €93.1m (£84m) scheme is part of Cassidy Group’s current €720.3m (£650m) UK development pipeline of projects spanning across 12 sites within seven cities, which will be delivering over the next two years working closely with our investment partners ‘Regency Project Management’ based in London. Cassidy Group is keen to acquire more student and PRS sites to create what will be a €1.1bn (£1bn) portfolio.”
