Payback bonus for city retail quarter project

On the day that Sheffield Council’s Cabinet committee confirmed that land needed for the project would be bought up by July, the Homes and Communities Agency (HCA) also confirmed the restructuring of its investment.

The HCA said that the £30m it has already sunk into the scheme, which paid for works including the building of the new fire station in Eyre Street, will now need to be paid back by developer Hammerson at an unconfirmed date in the future, rather than the minute building work begins on site.

As well as relocating the fire station, the HCA’s investment paid for a large proportion of the utility diversions required around the Sevenstone site, between Barker’s Pool and Pinstone Street.

The project manager at Hammerson, Richard Brown, said: “This announcement from the HCA is a significant step in the delivery of the scheme.

“We are currently in the final stages of the negotiations with Sheffield Council to ensure that the compulsory purchase order for the scheme can be delivered. Once this is completed, we will be in position to progress the revised masterplan.

“Throughout this process we are continuing to work closely with the city and the HCA to deliver an exceptional retail scheme.”