Developer dramatically ups Sheffield investment plans to £200m

Tim Heatley, Capital & Centric Co-founder, pictured. Picture: NSTB-08-03-19-Capital&Centric-7

Developer Capital & Centric has dramatically increased spending plans in Sheffield after gaining approval for a £20m redevelopment of a former cutlery factory.

Co-founder Tim Heatley said he wanted to spend up to £200m in the city centre over the next five-to-10 years - as well as converting the listed Eye Witness works into apartments.

He announced the ambition after Capital & Centric was given the green light to redevelop the site on Milton Street.

It is the Manchester firm’s first project in Sheffield.

He said: “We are investing £20m here and our ambition is to invest a further £150m to £200m in the wider area in hotels, cafe-bars, restaurants, offices and workspaces.

“We’re not scared of that scale and we’d like to run some projects concurrently with Eye Witness Works.”

Mr Heatley was speaking at a round table discussion with city leaders.

From left: Matt Bigland, Kiran Antcliffe, Coun Mazher Iqbal, John Mothersole, Tim Heatley, James O'Hara, Lydia Sadler, Nick Beecroft, Rebecca Eatwell and David Walsh.

He added: “People are very welcoming and very keen to help businesses like ours.

“It’s been great to hear about projects, events and activities that bring people into Sheffield time and again.

“That gives me the confidence to continue to develop and invest and create partnerships with the city council and operators. It’s exciting to be on a journey and I’m really looking forward to what the next five-to-10 years brings.”

The Eye Witness Works scheme will include 97 ‘loft’ apartments and townhouses, a new six-storey building, cafe-bar and private courtyards. The first residents could be in by the end of 2020.

How the 21m Cutler's Village development at the old Eye Witness works in Sheffield city centre would look (pic: Capital&Centric)

Mr Heatley founded the company with business partner Adam Higgins.

He said he toured Sheffield on foot and on scooter before deciding to invest.

He said: “I was very surprised. I turned up with a preconception of a grimy post-industrial city.

“I walked around, ate out, talked to people and tried to understand the place and whether it had a culture we wanted to invest in.

Councillor Mazher Iqbal, Sheffield cabinet member for business and investment, pictured. Picture: NSTB-08-03-19-Capital&Centric-1

“You get that here, people are friendly, they have a good quality of life and access to the countryside.

“It could do with a five-star hotel, the businesses are here to support it. When it’s done it’ll be obvious and people will think, ‘why didn’t we have one sooner?’

Capital & Centric has a reputation for restoring heritage buildings.

Mr Heatley added: “We have a lot of projects on the go in Leeds and Manchester and you can end up competing with yourself.

“I’m not from Sheffield. Sometimes an outsider brings an alternative perspective and can be a catalyst for a new area. We are trying to raise the bar in terms of quality for owner-occupiers and community.

“If a lot of people are invested here for the long run they will help look after the area, pick up litter and report anti-social behaviour.

Kiran Antcliffe, of Cads, pictured. Picture: NSTB-08-03-19-Capital&Centric-8

“My hope and ambition is to provide beautiful new homes and apartments for people to buy.

“The trick for us is to restore and regenerate the beauty of the stone and brickwork and bring it back to life and celebrate the heritage and culture that Sheffield was built on.”

THOSE ATTENDING

Tim Heatley - co-founder Capital & Centric

David Walsh - The Star business editor

Lydia Sadler - director at DLP planning

James O’Hara - co-founder of Tramlines and director of the Rockingham Group

John Mothersole - chief executive Sheffield City Council

Rebecca Eatwell - managing partner at Newgate Communications