An Island of dreams ahead as riverside property deal sealed

A FORMER steel works in Sheffield is set to become a place to live and work, following the completion of a multi-million pound property deal.

When South Yorkshire’s traditional industries declined, there were fears that Kelham Island would become another crumbling symbol of a lost age.

The area is undergoing a revival that should kick-start the regeneration of a once neglected district.

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Leeds-based property consultants, Titchmarsh & Co, has secured a deal on behalf of The Raven Group with developers CITU, which is expected to create jobs in Kelham Island. The deal will provide a boost for the residential and commercial property market in Sheffield.

The site at Kelham Island has planning permission for 310 one-and two-bedroom apartments across 3.8-acres of former industrial land, including the refurbishment of Grade II-listed buildings which used to be the Green Lane Works and Eagle Works.

A spokesman said yesterday: “It is anticipated that revised proposals will be forthcoming for a scaled down, residential-led, mixed-use scheme.”

Matthew Bagley, a director at Titchmarsh & Co, said yesterday: “We are delighted to have secured this deal on behalf of our client. CITU is the perfect fit to bring forward the development of the land at Green Lane, given its record of success in sustainable regeneration following its achievements in Leeds.

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“We hope this deal will light the blue touch paper for increased private sector development activity, and act as a catalyst for further residential regeneration across Sheffield.”

According to Mr Bagley, the site offers the opportunity to build on the success of Kelham Riverside, which was completed in 2009, and is next to the land at Green Lane.

CITU was identified by Titchmarsh & Co as a potential developer, because of its track record in creating environmentally-friendly schemes.

Mr Bagley added: “It is of a size and scale to offer CITU the opportunity to create a lower density residential led mixed-use scheme that will complement the Riverside apartments developed at Kelham Riverside.

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“From a general market perspective, while conditions remain challenging, we are witnessing increased activity from residential developers for new development opportunities.

“Continued constraints on funding from both development finance and mortgage perspectives are frustrating a recovery in the residential sector, but there is underlying demand for new residential units.

“The number of residential dwellings being built is at its lowest since the Second World War, with housing need increasing annually; a combination that compounds the current new housing shortfall.”

Fraser Stride, a partner at CITU, told the Yorkshire Post yesterday: “When we look at any new sites we ask ourselves the question, ‘Could there be a thriving community here?’

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“Kelham already has this, and the former steel works has all the ingredients to make a truly great place.

“It has a well established community of people who are passionate about everything that it stands for.

“It has some of the best real ale pubs in Sheffield, its own brewery, award-winning restaurants, the Kelham Island industrial museum and a wealth of industrial heritage.”

The site is also big enough to include a district energy system which will reduce energy costs, Mr Stride added.

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He added: “Kelham is truly magical and anyone who you speak to who lives, works or visits there will be the first to tell you just how much of a fantastic place it is.”

Mr Stride said he hoped to start work on the site in November 2012.

He said: “There is around 5,500 sq ft of space in the first phase of development allocated to creative arts space as well as a shop and restaurant, which we hope would provide employment in the area.

“The concept is very similar to Munro House in Leeds, an arts centre which houses some of the best creative talent in the city.

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“Much of Kelham has already been redeveloped over previous years, with the likes of the Cornish and Brooklyn Works and the new build Kelham Riverside scheme.

“This adds to the regeneration that has already taken place, but it is perhaps the final significant piece of the puzzle.

“There are still some beautiful old disused industrial buildings in the surrounding area that we are open to consider for further opportunities.”

Greenhouse sets the standard

THE success of Greenhouse, CITU’s mixed-use scheme in Beeston, Leeds, has helped to pave the way for other developments in a tough environment.

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The building – thought to be one of the greenest in the UK – has been held up in Parliament as an example to other developers.

Leeds MP Hilary Benn recently praised the Greenhouse during a debate on the Leeds City Region’s bid for the Green Investment Bank.

The mixed use development, created from a former hostel by CITU, uses rainwater to flush toilets, while solar panels and wind turbines heat and light the apartments. The courtyard is used to grow vegetables.

CITU has attracted interest from developers across Europe who want to produce buildings that don’t harm the environment.