Keepmoat and Sigma announced the formation of their joint venture in June, with a budget of £800m to build more than 5,000 PRS homes across England by 2021. [See previous report here.]
The first development is 24 apartments on land off Park Grange Road. It is being developed by Keepmoat’s Sheffield Housing Company (SHC) and Sigma Capital and constructed by Keepmoat.
SHC has already completed 300 of the 2,300 homes it plans to build across Sheffield over the next 15 years. Most SHC homes are built for private sale but they have recently branched into the shared ownership market with partner Great Places Housing Group, and now private rented homes through Sigma Capital will further diversify the housing options for Sheffield residents, it said.
Keepmoat regional managing director Martin Smithurst said: “We’re pleased to be delivering the first scheme of this major investment in a thriving city like Sheffield, where the need for wider housing solutions is apparent across the board. As well as working on significant regeneration projects, we are also delivering homes for sale in the region and so this step into the PRS sector will sit alongside our existing offering to allow the pace of housing delivery on strategic sites to be increased.
“We’re proud to be working in partnership with Sigma and look forward to identifying more sites in the region that could benefit from their investment.”
Graeme Hogg, COO of Sigma Capital, added: “With over 1,500 tenants already in place, we aim to bring thousands more new homes to market over the next few years. Our partnership with Keepmoat is an important step in realising this goal.”
Completion is expected in September 2017.