Legal & General invests £150m into Sheffield city centre regeneration project

International financial services firm Legal & General has announced it is investing £150m in a regeneration project in the heart of Sheffield.

The firm has pledged to invest the funds into Sheffield’s West Bar Square development to deliver the first phase of the mixed-use project, in partnership with Developer Urbo and Sheffield City Council.

Comprising 200,000 sq. ft. of Grade A office space, the development is also set to deliver 350 ‘Build To Rent’ homes, a multi-storey car park and landscaped public spaces.

Nigel Wilson, CEO of Legal & General, commented: “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.”

Cllr Mazher Iqbal, 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.

“It’s a huge project and Sheffield can’t wait for it to get started.”