£300m Sheffield West Bar development could create up to 8,000 new jobs
Legal & General and Urbo (West Bar) Limited, a joint venture between Urbo Regeneration and Peveril Securities, together with partners Sheffield City Council have announced today that the first phase of development for West Bar, the £300m mixed-use scheme in Sheffield City Centre, has commenced.
Marking a major milestone for the West Bar development, Legal & General has committed £160m of forward funding to developers Urbo (West Bar) Ltd to deliver the first phase of development.
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. As UK cities continue to grow, there is an increasing demand for high quality housing, workspace, and amenities.
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.”
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 complete in 2024, this first phase of West Bar will deliver:
- No. 1 West Bar Square will consist of a new 100,000 sq ft Grade A office building with retail accommodation on the ground floor and roof terrace offering panoramic views.
- Soho Yard, a £78m development consisting of 368 build to rent apartments owned and operated by Legal & General.
- A 450-space multi-storey car park with around 300 cycle storage spaces and electric car charging points.
- West Bar Square, a major new business address and landscaped public space for Sheffield and focal point for the West Bar area.
Councillor Mazher Iqbal, co-chair of the 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.”
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