A former car showroom and workshops on a half acre site in the centre of Sheffield overlooking Devonshire Green.

The former car dealership, offices and warehouse premises were purchased off-market. A scheme was created in conjunction with Axis Architects and DLP planning consultants comprising of en-suite cluster units of between five and seven individual bedrooms in each unit, with shared communal kitchen and living space for each apartment. The scheme was designed so that the student accommodation could be converted into traditional rented sector apartments should future market conditions change. 

The level of fit-out was exceptional and included fixed / loose fittings, furniture, white goods, crockery, cutlery and even a Dyson vacuum in every unit. It was meticulously designed to be the premier student accommodation with all-inclusive rentals at the top of the market. The accommodation was 100% pre-booked before construction work was complete.

Working with Savills, a number of offers were received and after a series of parallel negotiations the development was developed pre-sold to Rotch Property Group before work began on site.

Construction funding was achieved with a bond backed minimum price guarantee with overage calculated on gilt linked discounted cashflow basis. While this was a relatively complex legal arrangement it meant that a construction contract could be negotiated where the selected main contractor provided 100% of construction funding plus site purchase costs and an additional 10% drawn down prior to start on site, all underwritten by the surety of the pre-sale to RPG. 

During site operations RPG requested permission for a sub-sale to Unite Group which was granted and enabled a regearing of the investment for RPG and a degree of bespoke adjustment to the building for Unite's own operational needs.

The development is now known as Devonshire Courtyard.