The milestone comes following an announcement at MIPIM in Cannes this afternoon – where student accommodation developer Alumno Group announced it had completed the purchase of the third phase at Park Hill – paving the way for the creation of hundreds of student homes at the scheme.

David Campbell, CEO of Alumno Group, said: “This is an iconic site with international significance – forming a crucial part of Sheffield’s past, present and future – and will be one of our most important projects to date.

“I am delighted that we have formally confirmed our position as developer of the third phase of the site – which we expect will attract around £20 million to Sheffield and South Yorkshire region.”

Phase 3 comes hot on the heels of the earlier phases at Park Hill and takes the total investment level to in excess of £100m; Phase 1 – which was shortlisted for the RIBA Stirling Prize in 2013 – is complete and includes 260 homes and 10 contemporary workspaces occupied by creative and digital businesses, the South Street Kitchen café and a nursery. Work has also started on Phase 2 which will see Urban Splash and its joint venture partner Places for People create 200 residential properties and more commercial space. The new homes will be ready to sell off plan by the end of 2019, with the first move in date target of December 2020.

Representing the joint venture, Simon Gawthorpe of Urban Splash said: “We have always been committed long-term to fulfilling the creation of this exciting new neighbourhood. Phase 1 is sold out, complete and fully occupied – attracting the first residents and businesses to an area which for so long had been abandoned, derelict and unloved.

“The arrival of Alumno and of course the 200 homes in Phase 2, open the development up to more people – cementing this iconic building’s place in Sheffield and giving people in the city somewhere new in which they can live, work and play. I am delighted to have reached this significant investment milestone, and to welcome another partner on board. I look forward to seeing Alumno progress its plans for these exciting student homes.”

The Alumno phase includes 356 student beds contained within a unique townhouse offer designed by architect Whittam Cox Architects and with communal space interiors by Ben Kelly Design and Brinkworth Design. This Phase also includes 350 sqm of commercial space within the former Parkway Tavern, with the potential for convenience store and cafe use.

The first students are due to move in September 2020, David continued: “With a unique design concept and a prominent position within Sheffield’s most exciting new community, we hope that the new student population will bring an additional £2 million per year spend into the local community.”

Another area of Park Hill which is progressing is S1 Artspace; a planning application has been submitted to Sheffield City Council for the new Park Hill Art Space which will see the full regeneration of the Duke Street block of the scheme as part of Phase 4 of the redevelopment. Upon completion, the project will deliver a major new art gallery, artists’ studios and education space providing a nationally significant centre for arts, culture and heritage for Sheffield at Park Hill, alongside residential housing provided by Urban Splash set in a new parkscape. S1’s vision for Park Hill Art Space includes a new-build 600m2 gallery space, studio space for 50 artists and creative practitioners, education and community facilities and a permanent display telling the story of Park Hill.

Concluded Simon: “The vision for Park Hill was to provide living accommodation and business spaces that would welcome a mixed community that would be both supported and encouraged to develop their own social activities and representation. This has been successful to date with £100m invested, creating homes and workspaces for 700 people currently living and working within the community – people of all cultures and backgrounds.”