Grainger buys Bamford’s Sheffield PRS towers

Funding has been secured for a £42m build-to-rent development in Sheffield.

Panacea Property Development, chaired and majority owned by Jo Bamford, son of JCB’s Lord Bamford, has planning permission for the penultimate phase of its Well Meadow regeneration development in Sheffield city centre.

Two buildings will deliver 284 flats designed specifically for the private rented sector (PRS).

Grainger, a stock market listed residential landlord, has agreed to forward fund the development, taking ownership on completion.

Construction on the PRS element of Well Meadow is expected to start in early 2020 on the satisfacion of various financial conditions. Architects MCAU and Leach Rhodes Walker designed the scheme and Curtins is the engineer.

Grainger chief executive Helen Gordon said: “We are very pleased to further strengthen our Sheffield presence with this acquisition, which will deliver 284-high quality homes for rent in one of our target cities. With the city centre area undergoing significant regeneration, and housing demand supported by Sheffield’s strong graduate retention rates, we are confident that Well Meadow will prove to be a popular location to live. Upon completion of this project, Grainger’s Sheffield cluster will comprise 521 purpose-built PRS homes”.

Panacea Property Development director Neil Patten said: “Following on from our successful delivery of phase one of this important regeneration area, we have liased closely with Sheffield City Council to deliver institutionally backed build-to-rent accommodation in this key location for the city. Sheffield’s residential rental offer will undoubtedly be enhanced by purpose built, high quality build to rent accommodation and we are delighted to be working with the Grainger team to achieve this”.

Phase 1 of Panacea’s Well Meadow development was a student accommodation scheme completed in September 2016 in joint venture with Worthington Properties.