New lease of life for iconic Sheffield building with Lloyds Bank support

A CGI of the Nichols Building

A former grocer’s warehouse and coffee roastery in Sheffield’s popular Kelham Island district is set to be transformed into 40 new apartments, supported by a £3.25m package from Lloyds Bank.

Developer Ashgate is regenerating the currently disused Nichols Building, creating a mixed-use scheme with private residential units and 10,000 sq ft of commercial space. Previously specialising in accommodation for Sheffield’s student community, this is the developer’s first private rental scheme.

The development will retain many of the building’s original features, including mosaic tiling, stone and brickwork, and incorporate new energy efficiency measures to minimise the development’s carbon footprint.

The development facility from Lloyds Bank is supporting the installation of key sustainability features including enhanced insulation, double glazing and 4,000 sq ft of solar panels that will provide heated water to the building. The funding will also support the purchase of new bird and bat boxes to help protect the local wildlife population.

Work is set to begin this summer, with the development opening its doors in May 2022. After structural and renovation works complete, award-winning local designer 93ft will complete the scheme with a minimalist interior fit-out, enhancing the building’s original character and features.

Matthew Jacques, director of Ashgate, said: “The Nichols Building has a rich history and is an iconic location in Kelham Island, so we were determined to give it a new lease of life. Our scheme will not only bring the building back into productive use, but will provide sustainable, eco-friendly living for residents of Sheffield.

“It’s been invaluable having Lloyds Bank by our side. With their support, we’ve been able to truly maximise the green credentials of the property without having to sacrifice any of its heritage and character.”

Peter Egan, relationship director at Lloyds Bank Commercial Banking, said: “Developers like Ashgate have a huge role to play in helping the UK meet its ambitious net-zero carbon targets. Forward thinking schemes like this not only help to preserve and regenerate much-loved community assets, but deliver new homes that are truly fit for the future.”

Lloyds Bank is committed to tackling climate change and financing a green future. It has set a target of reducing the carbon emissions it finances by 50% by 2030 – the equivalent of removing the emissions produced by almost a quarter of UK homes.

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