Chinese investors launch £30m flat development
THE first of Chinese company Guodong’s investments in Sheffield has been revealed.
The company is preparing to enter the pre-planning application stage with a £30m residential development at West Bar.
It will be developing the vacant land across from Aizlewoods Mill on Spitalfield.
Sheffield City Council has entered into an exclusivity agreement with Guodong UK Ltd to enable it to develop proposals for the site.
This follows the announcement of a five-star hotel for the city’s Central Library, though this will be longer in the planning. Initial estimates predict that refurbishment of the building would cost £16m, extending to £30m for a major redevelopment.
Sheffield City Council signed an outline investment blueprint which will see Guodong invest an initial £200m into the city region.
Trade agreements with Nanchang and Daqing in China were also discussed to explore possible trade delegations to the cities.
