Legal & General has invested £150m into Sheffield’s West Bar Square development to deliver the first phase of this mixed-use project
The West Bar Square development will comprise 200,000 sq ft of Grade A office space, 350 ‘build-to-rent homes, a multi-storey car park and high quality landscaped public spaces.
The initial phase will deliver large footprint, modern office space and is expected to accommodate up to 1,800 workers.
To bring forward the scheme, Legal & General has partnered with Sheffield City Council and Urbo (West Bar) Ltd – a joint venture between Urbo Regeneration and Peveril Securities (the development arm of the Bowmer and Kirkland).
Large-scale regeneration
Nigel Wilson, CEO of L&G, said: “There has never been a more important time to invest in our regional cities. Legal & General is in a unique position to support the UK economic recovery by recycling hard-earned savings and pensions into real assets which promote job creation – through construction to office occupation – and create landmark master plans which incorporate grade A office space, a variety of housing and high-quality public space.
“This is not new territory for L&G. Our investment partnerships within cities such as Cardiff and Newcastle are already delivering at pace. Likewise, our vision for West Bar Square is to deliver a much needed new quarter for the centre of Sheffield.
“During these unprecedented times, it is absolutely imperative that institutions continue to push forward with deals such as these, so we can position the UK for an accelerated recovery and lay the groundwork to support those most in need in society.”
Peter Swallow, managing director of Urbo Regeneration, commented: “This is a massively significant investment for Sheffield, and is a vote of confidence in the future of the City as a whole, particularly during the current climate.
“The funding partnership we have agreed with Legal and General will guarantee delivery of large scale regeneration in this important part of the City, linking the rapidly expanding Kelham Island district to the City Centre.”
‘Don’t forget to invest in the future of our city’
Mazher Iqbal, councillor Sheffield City Council cabinet member for business and investment, added: “Although I recognise it may not be at the forefront of everyone’s minds in these difficult and challenging times, it is really important that we don’t forget to invest in the future of our city and continue to support developments for when Sheffield emerges from the Covid-19 pandemic.
“This is fantastic news for the city going forward and yet another example of how we are attracting major new investment partners into the city. We are repeatedly being told that there is a shortage of new Grade A office space in the City Centre which could have a negative impact on the local economy in terms of options for new or existing businesses to move and expand.
“As a council we are helping to address this through making sensible targeted interventions in the market with partners. This development will create modern floor space for thousands of jobs; hundreds of high-quality new homes and improve neighbourhood’s right in the heart of Sheffield. It will also provide attractive public spaces with sustainable urban drainage and better connectivity between the city centre and Kelham.
“It’s a huge project and Sheffield can’t wait for it to get started.”
Detailed designs by architect 5plus will support the reserved matters planning applications for the first phases of development, which will be submitted in the summer.
