New images of Eyewitness Works released as £14m funding secured

Eyewitness Works in Sheffield city centre has taken a major step forward as social impact developer CAPITAL&CENTRIC secures £14m funding.

The South Yorkshire Pension Fund, advised by CBRE’s Investment Advisory team, part of CBRE Capital Advisors, are putting £10.7m into the project, while Homes England are providing £3.5m.

The iconic Grade II listed Eyewitness Works and Ceylon Works buildings on Milton Street are currently being restored alongside the construction of a six storey building on the site of the former Brunswick Hotel.

The development will include 97 loft apartments and town houses, along with a 900 sq ft café-bar. The operator for the café-bar is due to be announced shortly.

A new first look image gives a sneak peak of the stunning loft apartments currently under construction. Light floods in from dual aspect windows, exposed brickwork and beams ooze character, while the modern open play layout provides plenty of space.

Another image showcases one of the four private courtyards at Eyewitness Works, including a 150 year old friction screw press rescued from the  building. The development will also feature a cobbled street draped with festoon lighting and lined with trees and foliage.

The development is kick starting regeneration in the area and is part of a new neighbourhood being pioneered by CAPITAL&CENTRIC, called Mesters’ Village. Earlier this year the developer revealed plans for how the area in the Devonshire Quarter could be transformed over the next 5-10 years with over 2,500 homes, makers spaces, café bars, delis, a school and pocket parks.

The South Yorkshire Pension Fund appointed CBRE in 2019 to manage the fund and originate and advise on all investments. The Fund has allocated  £80m for investment into viable real estate developments in the region, which is underserved by traditional development finance. 

Tim Heatley, co-founder of CAPITAL&CENTRIC said:

“When the pandemic hit there were some questions over whether city centre living has a future. We really believe it has and as lockdown eases I think we’ll see more and more people wanting to get back into the mix of things and experience everything that the city has to offer. This funding deal just goes to show the confidence in Sheffield and in the neighbourhood we’re looking to create at Mesters’ Village.

“Eyewitness and Ceylon Works are a really important slice of Sheffield’s history so it was mega important for us to keep their original charm, but also bring a modern, design-led feel to the apartments. We think they’re going to look awesome!”

George Graham, Director from South Yorkshire Pension Fund said:

“We strongly believe that investing in our place can deliver new and different sources of return to help us pay pensions. The scheme being delivered by Capital & Centric shows that we can do this and help bring landmark buildings in the centre of Sheffield back into use providing much needed homes.”

Henry Randolph, Director from CBRE Investment Advisory said:

“This is a wonderful example of how a local authority pension fund can enable regeneration in their own geography and make a good return, while remaining prudent from a risk perspective. 

Capital & Centric are bringing forward an attractive and unique residential scheme which will be one of the best developments in Sheffield.”

Peter Freeman, Chair of Homes England said:

“The regeneration of the Eyewitness Works as a mixed-use development is a great step forward in re-thinking city centre living in Sheffield.

“We’re pleased to be able to support the scheme through our Home Building Fund and look forward to working with Capital & Centric and senior lender, South Yorkshire Pension Fund to deliver much needed, high quality and attractive housing.”

Eyewitness Works has been an iconic feature of Sheffield for decades. For the past 150 years the Works were home to Taylor’s Eyewitness Ltd, a Sheffield-based company that provided the nation with cutlery. The first registered building at the site was in 1838.

This is CAPITAL&CENTRIC’s first self-build project and with construction now well underway the £25m project is due for completion in Autumn 2022.

Interested in living at Eyewitness Works? You can register your interest at www.eyewitness-sheffield.com