Developers optimistic despite slow flat sales

The refurbished Park Hill flats in Sheffield – dubbed the “streets in the sky” development – went on sale in October last year, with prices starting at £90,000 for a one-bedroomed flat.

Since then, 18 of the apartments have been sold and five of these are at the exchange stage.

Tom Bloxham, chairman of developers Urban Splash, said: “Park Hill is a quality building. It is a clever piece of design and it will be a great place to live.”

New residents can move into the first phase of the development, which consists of 78 one, two and three-bedroomed apartments, in December.

Of those 78 flats, 52 were for sale and 26 are allocated as social housing.

A spokesman for Urban Splash said: “The ambition is to revive and regenerate, and to develop a new community.

“The whole project will deliver over 870 apartments and commercial units, as well as public realm and amenities in order to make Park Hill a great place to live.”

It will cost about £146m to redevelop the entire Park Hill site.

About £115m will come from private funding sources including Urban Splash, Great Places Housing Group and bank lending, with a further £31m from public bodies including the Homes and Communities Agency and the housing market renewal agency Transform South Yorkshire.

English Heritage has provided £500,000 towards concrete repairs.