Funding scheme launched for new Castle Street developmentPosted by: Ashley Birch
Priority for the twelve new flats will be given to first-time buyers
A twelve apartment project on the plot of the old Stantons Bakery, near the soon-to-be open Kommune food hall, will be completed by 2020, according to property crowdfunding service UOWN.
UOWN has announced the funding launch of the Castlegate development, which features one bedroom properties that will be made available exclusively to first-time buyers, as a part of a wider regeneration project being driven by Sheffield Council in 2019.
The area is being earmarked as a place for new business to thrive in the tech, creative and leisure sectors, with locations being created for start-ups and co-working spaces in repurposed historic buildings.
In addition to the new UOWN driven Castle Street development, there will be redevelopments to the Old Town Hall and Courthouse as well as plans to redevelop the site of Sheffield Castle by uncovering its remains and revealing the River Sheaf which runs through the site.
Castlegate Programme Director Simon Ogden, who has been driving the project for Sheffield Council and Castlegate Partnership, said: “We wanted to work with local business partners, people with a real interest in building on its unique character and who share our vision.
“UOWN have an interesting new model for helping people to invest in the local Sheffield economy, we have big ambitions for the Castlegate area and the Castle Street project is an important example of fresh thinking on how to unlock the potential of the former Stantons Bakery and Cafe - one of the most distinctive buildings in the quarter.”
Shaan Ahmed, co-founder of UOWN, commented, “. We are pleased to announce the Castle Street development funding process, which will be a part of an exciting regeneration project in Sheffield. We feel that the plans the council are putting into place will help the area thrive, the potential new business and recreation services make for a great place for people to live and work.”
Haaris Ahmed, co-founder of UOWN added: “The old Stanton Bakery building is a classic piece of architecture, and our plans will sympathetically update the building. Once completed, these beautifully finished apartments will be made available for locals and first-time buyers, meaning no foreign investors buying them all up, making sure we are giving Brits a chance to start their own property journey.’
UOWN launched in 2016 with the aim to ‘democratise property investment.’