UK alternative lender Fortwell Capital has completed a new £31.5 mln (€37 mln) development loan to Blenheim Land & Properties, for an iconic multi-phase residential scheme on the former Hallam Towers Hotel site in Sheffield, UK.
The loan will enable the construction of both phases of the 117 unit scheme. Phase One is under construction, comprising of a 15-storey tower with 103 high-end one, two, and three bed apartments set within 3.2 acres of gated grounds, with panoramic views of the city and surrounding countryside. Phase Two will follow, including 11 townhouses and 3 apartments adjacent to the main tower.
The development represents Fortwell Capital’s first ever deal in Sheffield with the lender continuing to target high-quality housing developments in strong regional markets. The lender has now funded developments in 6 of the 10 largest cities in the UK.
Domis Construction, with which Fortwell Capital has a longstanding and successful relationship, has been appointed as the main contractor for the new Hallam Towers scheme. The project is being marketed and sold by the Sheffield based agency, and new homes specialist, Redbrik.
Nick White, associate director, Fortwell Capital commented, ‘Once the pandemic subsides we anticipate increasing numbers of people seeking a higher quality of life in Sheffield and other regional cities, creating a huge opportunity for developers to bring forward stunning new schemes like Hallam Towers.’