A new investment of £150m from Legal & General is set to bring forward the first phase West Bar Square – a huge mixed-use regeneration project which aims to link Sheffield city centre with the bustling Kelham Island area.
The company has partnered with Sheffield City Council and Urbo (West Bar) Ltd – the development will comprise 200,000 sq ft of Grade A office space, 350 built-to-rent homes, a multi-storey car park and landscaped public spaces. The first phase will comprise a large footprint, modern office space and is expected to accommodate up to 1,800 workers.
Nigel Wilson, chief executive of Legal & General, 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 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.”
Councillor Mazher Iqbal, Sheffield city council cabinet member for business and investment, said: “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.”
Peter Swallow, managing director of Urbo Regeneration, added: “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.”
For more information on the project, head to westbarsquare.com.
