Urbo Regeneration and Peveril Securities have been given the nod for the first phase of their £300m West Bar mixed-use development in Sheffield.
The jv has got the go-ahead to start work on a new 100,000 sq ft office block at No. 1 West Bar Square and a 368-flat build-to-rent scheme called Soho Yard.
Some £150m of funding for this phase has already been secured from Legal & General. L&G will own and operate the BTR block as part of its Homes for Life portfolio.
Peter Swallow, Urbo managing director, said: “We have been working closely with Sheffield City Council and other key stakeholders for many years to bring forward this important regeneration scheme, and we are delighted to secure full planning consent to be able to move forward with construction.
“No.1 West Bar Square delivers against evidenced demand for large-footprint, high-quality modern office accommodation that is currently lacking in Sheffield city centre. It complements the existing West Bar neighbourhood, which already boasts key office occupiers including the Home Office, top 50 law firm Irwin Mitchell and the Crown and Family Courts.”
Ralph Jones, managing director of Peveril Securities, added: “West Bar, along with the commitment by Legal & General to invest £150m for the first phase, is testament to the strength of Sheffield as a considerable powerhouse in the North and an attractive place to live and work.
“Our vision for West Bar is to deliver a much-needed new quarter for the centre of Sheffield, delivering on the city’s housing, jobs and regeneration needs, with up to 1m sq ft of vibrant new mixed-use space along with fantastic public realm for all to enjoy. Achieving planning consent is a major milestone and will enable us to realise this vision.”
Phase two plans for West Bar include a second L&G-funded, 100,000 sq ft office building, with further phases ultimately providing 1m sq ft of mixed-use accommodation, of which more than 500,000 sq ft will be grade-A office space. The scheme will also deliver an acre of public realm and green space in the city.
Ben Rodgers, head of regeneration at Legal & General, said: “Creating vibrant towns and cities is key to Britain’s economic growth and prosperity. Sheffield has been on a journey over the past 40 years from industrial decline to steady growth, and now is looking to invest for the future and strengthen its position as a leading UK city.
“We are excited to be bringing this important scheme forward to meet this ambition and look forward to continuing to work with the council, Urbo and local residents to deliver modern and fit-for-purpose office space which responses to local needs.”
The West Bar scheme has been designed by architectural firm 5plus. Asteer Planning advised on planning, while BNP Paribas Real Estate is advising Urbo.
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