Sheffield retail warehouse plot acquired for £5.4m

Placemaking and regeneration specialist LCR has completed a £5.4m acquisition of a 1.82 acre site in Sheffield which is currently home to retail warehouses.

The site on St Mary’s Road is a five minute walk from the city’s main train station, Sheffield Midland, and is part of an area earmarked for regeneration.

The two-unit scheme is currently solely occupied by a DFS store following a relocation from the site by Wren Kitchens.

The acquisition comes as part of LCR’s partnership with Sheffield City Council, South Yorkshire Mayoral Combined Authority, Homes England, and Network Rail to deliver regeneration around Sheffield train station.

The partnership had previously established the Sheffield Midland and Sheaf Valley Regeneration Framework, which looks to improve the connectivity between neighbouring communities, optimise rail facilities, and enable the delivery of new homes, jobs, and public value.

The regeneration programme aims to create an enhanced area around the train station, improved transport connections, new travel routes, better public realm, and the creation of mixed-use developments.

Karl Drabble, regional director at LCR, said: “This is good news for the North’s rail infrastructure and this acquisition is an early milestone for progress around Sheffield Midland Station. Over time, regeneration around the gateway to my home city of Sheffield will enhance capacity for improved public transport, create space for new homes and jobs, and promote greener, more accessible walking routes into the city centre.

“We know the role that regeneration can play in catalysing long-term economic growth, and a more connected community will be central to those ambitions. We’re looking forward to refining these plans in collaboration with the area’s residents, businesses and visitors to deliver the improvements the city deserves.”

Sean McClean, director of regeneration and development at Sheffield City Council, said: “This is really welcome news, the area around Midland Station has masses of potential to be a new mixed-use neighbourhood filled with high quality homes and workplaces. It will become a major strategic regeneration focus over the coming years, so it’s very positive that our partners are willing to invest at this early stage.”

Cushman & Wakefield and Trowers & Hamlins advised LCR on the transaction.