The redevelopment of one of Sheffield’s most iconic buildings is set to come forward following a £31.5m development loan from alternative lender Fortwell Capital.
Blenheim Land & Properties has secured the development loan to enable construction of 117 homes at Hallam Towers.
The original Hallam Towers comprised a 136-bedroom hotel, which was one of the first luxury hotels in the region after World War II. It closed in 2004 and the upper floors were demolished in 2017.
Blenheim is currently on site building a 15-storey tower in phase one with 103 flats. The loan will support this phase as well as a second phase with townhouses and flats adjacent to the main tower.
The deal is Fortwell’s first in Sheffield as the lender expands to opportunities across the regions.
Nick White, associate director at Fortwell Capital, said: “Mass relocation of people and businesses out of London is a trend that has very much driven our origination strategy in recent years. Once the pandemic subsides we anticipate increasing numbers of people seeking a higher quality of life in Sheffield and other regional cities.”
Chris Anderson, director at Blenheim Land & Properties, added: “We are now in a position where we can see our vision for the site becoming a reality.”
Fortwell Capital is backed by Cain International and has lent more than £1.6bn to developers and investors in the UK.
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