Legal & General and Urbo (West Bar) Limited together with partners Sheffield City Council have started work on the first phase of development for West Bar, the £300 million mixed-use scheme in Sheffield city centre.
Legal & General has committed £160 million of funding to developers Urbo (West Bar) Ltd to deliver the first phase of development.
A spokesman said: "This is the single largest private investment deal in Sheffield City Centre and is the culmination of several years’ work in the assembly and ground preparation for comprehensive area-wide regeneration."
Bill Hughes, Head of LGIM Real Assets said; “The need for investment in real assets in UK cities and towns has never been greater. Legal & General is committed to working with civic authorities and leaders to unlock city regeneration and secure the viability of socially and economically important UK schemes; Sheffield’s West Bar development is exemplary of such partnerships.”
The spokesman said: "Sheffield West Bar is a cutting-edge mixed-use project which will deliver much needed new grade A office accommodation, housing, and green public spaces on the gateway site and has potential to create up to 8,000 new jobs."
When completed in 2024, the first phase of West Bar will include No. 1 West Bar Square a 100,000 sq ft Grade A office building with retail accommodation on the ground floor and roof terrace offering panoramic views and Soho Yard, a £78 million development of 368 build to rent apartments owned and operated by Legal & General.
The scheme has been designed by award architects 5plus with planning advice from Asteer Planning.
Ben Rodgers, Head of Regeneration at LGIM Real Assets, said: “There has never been a more important time to invest in our regions, and today marks an exciting milestone in West Bar’s journey. Our vision for West Bar is to provide a much-needed new quarter for the centre of Sheffield, delivering on the city’s housing, jobs, and regeneration needs. This important scheme will strengthen Sheffield’s position as a leading UK city. We’re delighted to progress our plans, and look forward to continuing our partnership with Urbo, Sheffield City Council, and the local West Bar community.”
Peter Swallow, Managing Director at Urbo, said, “We are thrilled to secure unconditional agreements and forward funding that guarantees the delivery of the first half of the West Bar development. Our entire project team has worked incredibly hard to bring forward this important regeneration project and we are pleased to be able to start construction on site.”
Ralph Jones, Managing Director of Peveril Securities added: “Our vision to deliver a flagship destination to support demand for high specification, large floorplate offices and much needed new housing and jobs, is being realised and we look forward to working with Legal & General and Sheffield City Council as we now move forward with certainty.”
Coun Mazher Iqbal, Co-Chair of Transport, Regeneration and Climate Committee at Sheffield City Council, said, “West Bar is a key site and an important part of the wider transformational plan for Sheffield City Centre, linking the thriving community at Kelham to the huge development taking place at Castlegate. I am pleased to see that development is proceeding having secured very significant investment, creating new jobs, much needed new homes and economic prosperity.”