Urban Splash ploughs £17m into Park Hill phase two
Developer Urban Splash has announced it is ploughing £17 million into Park Hill to get the next phase of the Brutalist housing estate’s regeneration off the ground
The investment comes after last year Urban Splash confirmed it had signed a joint venture with regeneration giant Places for People to allow the further stages of the massive redevelopment project to re-start.
Doubts had been raised about whether the next stages of the scheme would go-ahead after Urban Splash posted pre-tax losses of £15.4 million for the year to 31 March 2012.
The second phase of redevelopment of the grade-II listed housing estate includes 182 homes, a new nursery and workspaces.
Of the 182 new flats 85 will be one-bedroom, 93 two-bedroom and four will be three-bedroom.
Urban Splash, managing director, Simon Gawthorpe said: ‘We are delighted to unveil the latest plans for Park Hill and the new residential opportunities that we’ll be launching there.
‘We were overwhelmed when we launched the first phase in 2012; more than 1,000 people came to see the show apartments when we launched them and they have all now been sold. I have high hopes for phase two and look forward to welcoming more people into this re-emerging community.’
Harry Harpham, Sheffield City Council cabinet member for homes and neighbourhoods, added: ‘Park Hill is a flagship development in Sheffield, both because it’s so visible from many parts of the city and it has such a rich and fascinating history.
‘We are delighted that the next phase of works is underway and that it continues to re-emerge as a modern place for Sheffield’s people to live and work.’
The first of the new homes are expected to be ready in 12 months and the second stage completed in two years.
The Park Hill overhaul, an ambitious attempt to reinvent the 1960s ‘streets in the sky’ scheme, has been rumbling on for nearly a decade. So far 78 homes have been sold, and three commercial units occupied.
Previous story (AJ 26.09.13)
Stirling Prize 2013: Regeneration giant sparks life into Park Hill
Hawkins\Brown and Studio Egret West’s Stirling Prize-shortlisted Park Hill scheme has received a timely boost with a deal that should see construction work restart
Regeneration giant Places for People has confirmed that it will form a joint venture with Park Hill’s developer, Urban Splash, to fit out flanks B and C of the huge Sheffield housing scheme’s first phase.
The signing of the joint venture, first revealed by AJ on 1 August, could not have come at a better time, with the Stirling Prize to be awarded tonight.
It comes after Places for People bought 654 flats elsewhere from Urban Splash at the end of July in a deal worth £77 million.
Places for People chief executive David Cowans said: ‘We are very pleased to be able to work with Urban Splash, initially on the innovative development of Park Hill in Sheffield, and we will be looking at further opportunities to develop schemes within the Urban Splash and Places for People portfolio in the future.’
Urban Splash chairman Tom Bloxham added: “This announcement is great news for Urban Splash. Places for People and Urban Splash have many shared values, and great reputations for regeneration, placemaking and great architecture.
‘Urban Splash has an enviable track record, having developed over 60 schemes and won 348 awards over the past 20 years.’
The Park Hill overhaul is an ambitious attempt to reinvent the 1960s ‘streets in the sky’ scheme.
Progress on the multiphase scheme has recently faltered and concerns were raised about future stages after Urban Splash posted pre-tax losses of £15.4 million for the year to 31 March 2012.