Fortwell Capital

Fortwell completes £31.5m loan for Sheffield residential development



Fortwell Capital has completed a £31.5m development loan to Blenheim Land & Properties for a multi-phase residential scheme on the former Hallam Towers Hotel site in Sheffield, its first ever deal in the city.

The lender has now funded projects in six of the 10 largest cities in the UK.

The loan will enable the construction of both phases of the 117-unit scheme situated on Fulwood Road.

Phase one is under construction, comprising a 15-storey tower with 103 high-end one-, two- and three-bedroom apartments, set within 3.2 acres of gated grounds.

Phase two will include 11 townhouses and three apartments adjacent to the main tower.

The scheme will offer additional amenities, including a concierge and an onsite gym.

The development facility was agreed at 70% LTV on a 26-month term.

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, creating a huge opportunity for developers to bring forward stunning new schemes like Hallam Towers. 

“The size and scope of this facility aligns with our appetite for funding new, modern developments in key cities that are growing economically, and where there is high and rising demand.”

Chris Anderson, director at Blenheim Land & Properties, commented: “We are ecstatic that we can finally announce and showcase what we’ve been working extremely hard on for the past five years. 

“The Fortwell team have an exceptional understanding of the local market and our development objectives. 

“Their expertise and support will be critical to realising our vision of transforming this iconic site into the jewel in Sheffield’s residential crown.”

Domis Construction has been appointed as the main contractor and the project is being marketed and sold by Sheffield-based agency and new homes specialist Redbrik.



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