Legal & General invests in regeneration scheme
Legal & General has today confirmed it is investing £150m into Sheffield’s West Bar Square development.
It will deliver the first phase of this substantial mixed-use project in partnership with Developer Urbo and Sheffield City Council.
The development will comprise 200,000 sq ft of office space, 350 ‘Build To Rent’ homes, a multi-storey car park and high quality landscaped public spaces.
The first phase will deliver large footprint, modern office space, currently lacking within Sheffield’s property market, and is expected to accommodate up to 1,800 workers.
In order to bring forward the scheme, Legal & General has partnered with Sheffield City Council and Urbo (West Bar) Ltd – a joint venture between Urbo Regeneration and Peveril Securities (the development arm of the Bowmer and Kirkland Group).
Legal & General says it is committed to investing in Sheffield. The business adds it recognises the high potential the city has to offer, so intends to help meet its need for regeneration, housing and job creation.
Nigel Wilson, CEO 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 with 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.”
Peter Swallow, managing director of Urbo Regeneration, said: “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.”
Ralph Jones, managing director of Peveril Securities and main board director of Bowmer and Kirkland, said: “We are delighted to enter into this exciting partnership as we look to support regional cities in emerging strongly post-crisis.
“We are already working with Legal & General on a similar major Government Hub office scheme in the Midlands and now they will also help us to deliver this market-leading development in Sheffield.”
Councillor Mazher Iqbal, Sheffield’s cabinet member for business and investment, said: “Although I recognise it may not be at the forefront of everyone’s minds in these difficult times, it is really important we don’t forget to invest in the future of our city and continue to support developments for when Sheffield emerges from the pandemic.
“This is fantastic news for the city and yet another example of how we are attracting major new investment partners.
“We are repeatedly being told 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.”
