Legal & General will invest £150 million in Sheffield’s West Bar Square development to complete the first phase of this substantial mixed-use project in partnership with Developer Urbo and Sheffield City Council.
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 first phase will deliver large footprint, modern office space, currently lacking within Sheffield’s property market, 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 Group).
”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,” said Nigel Wilson, CEO of Legal & General.
”This is not new territory for L&G. Our investment partnerships with in 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,” he 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,” said Mazher Iqbal Councillor Sheffield City Council Cabinet Member for Business and Investment.
”As a Council we are helping to address this through making sensible targeted interventions in the market with partners. This development will create modern floorspace for thousands of jobs; hundreds of high quality new homes and improve neighborhoods right in the heart of Sheffield. It will also provides 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,” he added.
”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,” said Peter Swallow, Managing Director of Urbo Regeneration.
”We are already working with Legal & General on a similar major Government Hub office scheme in the Midlands and now they will also help us to deliver this market-leading development in Sheffield,” said Ralph Jones, Managing director of Peveril Securities and main board director of Bowmer and Kirkland.