A £5.32 million boost has been given to a major mixed-use development in Sheffield's rapidly transforming Kelham Island area, with Paragon Development Finance providing a 22-month financial package to Catherall Developments Ltd. The significant investment will see the construction of 'Kelham Exchange', featuring 43 new apartments and four commercial units on Acorn Street.
Catherall Developments, which has completed over £50 million worth of residential properties within Kelham Island, is behind the project. This marks Paragon's first partnership with the developer, who has site work already under way.
The 43 apartments at Kelham Exchange will comprise 31 one-bedroom and 12 two-bedroom units, offering residents a city centre lifestyle and investors a sought-after opportunity. Kelham Island has undergone a remarkable transformation from its industrial past, emerging as a thriving hub for residential, cultural, and leisure activities in Sheffield.
The development comes at a crucial time, with England facing a notable housing supply deficit. Regional projects like Kelham Exchange are playing an increasingly vital role in addressing the national demand for housing. Craig Seaborne, senior portfolio manager at Paragon Development Finance, highlighted the scheme's prime location in one of Sheffield’s distinctive neighbourhoods.
Matt Catherall of Catherall Developments expressed enthusiasm for bringing another high-quality development to Kelham Island, an area his team knows intimately. He noted that Kelham Exchange has been meticulously designed to meet demand for modern, well-specified apartments in a district that continues to enhance its profile.