It will be in the quarter known as The Moor – a 28-acre location deep in the heart of Sheffield’s city centre. UK developer NewRiver has joined forces with a US-based equity fund, Bravo Strategies III LLC, operated by the leading American investment company Pimco.
NewRiver, whose Logo Design features a letter “E” made of three meandering lines, commented on the new initiative:
“The acquisition of The Moor with our joint venture partner BRAVO represents a rare opportunity to acquire a 28-acre estate in one of the UK’s largest and fastest-growing cities, at a very attractive price.”
Chief executive for NewRiver, Allan Lockhart added that the acquisition would provide an excellent return for the developers, driven primarily by capital growth and income from sustainable rentals.
After obtaining the site, the partnership intends a redevelopment of multiple areas of The Moor, with an aim to creating further homes in Sheffield’s centre. These new residences will include 200 student flats and 1,000 units to rent.
The recently purchased site is near Sheffield’s railway station and within walking distance of both Sheffield Hallam University and the University of Sheffield. The Moor currently comprises 680,000 square feet of leisure and retail space that includes a Sainsbury’s, a Next and its own cinema.Get a Free Quote for Logo Design