Sheffield leads regional regeneration with student demand expected to bring further boost

Research by Sheffield based student accommodation provider, UniHomes, has revealed how Sheffield has become the regeneration hotspot of the Yorkshire region, with projects set to further drive investment in the surrounding area due to demand for student rental properties.

Sheffield has already seen a substantial level of redevelopment in recent times with the completion of its ‘Heart of the City’ masterplan and £130m worth of regeneration. However, there’s more to come with phase two bringing a further £470m of investment to the Sheffield area, with focus on social and professional improvements thought to create as many as 7,000 new jobs to the area. 

The research by UniHomes shows that this further investment places Sheffield as the frontrunner in the Yorkshire region where key regeneration projects and investment are concerned. At an estimated £2.1bn, Sheffield sits ahead of Nottingham (£2bn), Leeds (£990m) and Bradford (£17.9m) and is fast becoming the driving force behind the changing face of Yorkshire. 

New Era Square is one such example of the exciting new changes to Sheffield’s landscape, with the 430,000 square foot development presenting a wealth of retail and social outlets, as well as commercial space and a student apartment complex ready to house 650 students. 

With such a heavy concentration of students, it comes as no surprise that the UK’s leading student accommodation provider has also chosen to call New Era Square home, with UniHomes moving to their new home this week, spread over a full floor of one of the area's commercial developments.

But it’s not just students and businesses that are expected to flock to New Era Square. The average rental yield in the area currently sits at 6.07%, 2.06% higher than the wider area of Sheffield and higher still than the average seen across Yorkshire and the Humber. 

UniHomes predicts that the combination of the area's regeneration, the relative affordability for students and the strong returns on buy-to-let investments should bring yet more investment to New Era Square and the surrounding area. 

Co-Founder and Director of UniHomes, Phil Greaves, said:

“Sheffield is fast becoming the driving force behind the extensive regeneration of the Yorkshire region and these ongoing improvements are going to draw more people to live, work and learn in the city which will only help strengthen the local economy even further. 

Regeneration projects such as New Era Square are helping to lead this change and we’re extremely excited to get settled in and explore what the area has to offer. However, our decision to move there has been very much a strategic one as the area is already a hub for student life in Sheffield. 

Above and beyond the already existing student accommodations, we expect to see an influx of investment in the surrounding areas from those keen to take advantage of consistent demand and above average rental yields.”