It’s been revealed that social impact developers Capital&Centric – who spend £3m a week on regeneration – are set to create a new neighbourhood at the long-abandoned Cannon Brewery in Sheffield.

The developer has exchanged contracts to acquire the site that was once home to Stones Brewery but has lain empty since shutting its doors in 1999. An icon of the City’s brewing heritage the imposing building is a Neepsend landmark. Sitting opposite the popular Cutlery Works food hall, the 4.2 acre site is set to be a major catalyst for regeneration in the area.

The site is rich with history. William Stones began brewing in 1847 and in 1868 purchased the lease of Neepsend Brewery, renaming it Cannon Brewery. Stones Bitter, which was popular with steelworkers in the area, and became the UK’s best-selling bitter in the 90s, was brewed on the site from 1948.

But Sheffielders will have to wait a bit longer to find out what’s in store for the brewery. Capital&Centric are working up ideas for the site, with everything from new homes to food and drink to live music being thrown in the mix. It’s anticipated that the project could see around £200m invested in Sheffield.

Tim Heatley co-founder of Capital&Centric said: “It’s an absolutely incredible site with a really eclectic mix of buildings and a shed load of potential. It’s mad that it’s sat abandoned for over 20 years and we can’t wait to get our hands on it. We’re looking forward to working with Homes England and Sheffield City Council to deliver something pioneering.

“It’s honestly the most important site in Neepsend and Kelham if not the City. It’ll be a game changer, kick starting wider regeneration of the area but it’s early days and we’re still working up ideas. It could easily take a few hundred homes, like our Manchester Kampus neighbourhood, but we’re also looking at things like a live music space, workspaces, recording and artist studios, mini cinema, café bars, a micro brewery and markets. Whatever we do the vision is for Neepsend to be Sheffield’s most exciting and vibrant district, full of people and with tons of stuff going on.”

The Manchester based developer is busy restoring the Grade II listed Eyewitness Works and Ceylon Works on Milton Street in the Devonshire Quarter, creating 97 loft apartments and town houses, along with a 900 sq ft café-bar.

Eyewitness Works is part of Capital&Centric’s wider vision for Mester’s Village – a £200m masterplan with over 2,500 homes, makers spaces, café bars, delis and a school.

Filming recently wrapped for a new prime-time Channel 4 interior design contest ‘Design Your Dream’, where contestants were each assigned an empty apartment within Eyewitness Works to showcase their unique design talent. The winner of the competition will become the owner of their very own two-bedroom apartment within the historic development.

Capital&Centric recently completed a new owner occupier community at Crusader Mill and rental garden neighbourhood at Kampus – both in Manchester – and are on site delivering new communities at Weir Mill in

Stockport, the Goods Yard in Stoke and soon to start at Farnworth in Bolton and the Littlewoods Project in Liverpool.