Aldermore has provided a £16.5m development finance loan to Citu for the next phase of its Kelham Central housing development in Kelham Island, Sheffield.
The next phase of the development will be comprised of 68 additional low carbon homes, including a range of house types, plus two small commercial units. This marks the next chapter for the scheme, with Aldermore having previously provided financial support to Citu to deliver the first 46 residential units and two commercial units, which started on site last year, with the first residents having moved in this spring.
The site is on the north side of the city centre, in the heart of the Kelham Island neighbourhood. It’s all within walking distance of the University of Sheffield and Sheffield Hallam campuses and the central business district.
Citu is one of the UK’s leading sustainable developers and is behind a number of award-winning new communities which offer buyers the opportunity to take a conscious step to living more sustainably in, low-carbon homes. The company, founded in 2004, has won over 40 awards for architecture, innovation, sustainability and enterprise, and the awards continue to flow as do the growing number of residents putting down long-term roots in the community.
Citu has a long-standing commitment to Sheffield with initial investment stretching back to 2013 when it developed the now complete Little Kelham development – a proud neighbour to Kelham Central. Little Kelham is now a lively district of 200 low-carbon homes, offices, bars and restaurants in Kelham Island. It has attracted hundreds of residents and local businesses thanks to its outstanding sustainability credentials and open spaces.
David Whitehouse, Property Development Manager at Aldermore said: “It’s been fantastic working with the team at Citu on this latest phase at Kelham Central and I’m excited to see how this expansion of the area adds to the vibrant community which has already been created on this former industrial land.”
Iain Bryson, head of development and specialist property at Aldermore, said: “We’re delighted to be working with Citu again on the next phase of Kelham Central. Using the latest technology and modern methods of construction to deliver low carbon homes is something we know the market will value and embrace. We are proud to support Citu and the company in its mission to accelerate the transition to net zero carbon cities. This transaction aligns to Aldermore’s strategic goal in building long term relationships with its customers.
“The relationship between Aldermore and Citu continues to go from strength-to-strength and this exciting development was another opportunity for us to support them with an innovative funding solution.”
Jonathan Wilson, Managing Director of Citu, said: “We’d like to thank Aldermore for their financial backing to help bring the next and final phase of Kelham Central to life. As stakeholders, they have been vital to the continued success of the scheme and share our vision to create climate conscious communities which will meet the growing demand from buyers for low carbon homes and places that put health and well-being first.
Over the last two years, Aldermore has supported Citu with £22.7m in lending.
Citu was set up in 2004 with the aim of tackling climate change through developing exemplar and innovative developments that help create a ripple effect in the industry and lead to more widespread adoption of sustainable methodologies. Always brownfield, urban, connected and embodying a sense of community, Citu has been developing a framework of what sustainable development looks like and believes the wider benefits around health and wellbeing, air quality, ecology, fuel poverty, economic development, connectivity and tackling the housing shortage – all mean that the net effect is a very positive one.
The Citu business has enjoyed significant growth since inception, despite the economic challenges. Now with live projects valued at £500m and employing over 120 people. www.citu.co.uk
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