£150m city centre scheme step closer

THE LARGEST ever private investment in a single phase of development in Sheffield city centre is a step closer to becoming a reality.

Urbo (West Bar) Ltd, a joint venture between Urbo and Peveril Securities, the development arm of the Bowmer and Kirkland Group – has outline planning permission for a £150m scheme to deliver the first phase of the West Bar Square development.

A report to the council’s cabinet says that the partnership is in discussions with Legal & General to bring forward this vision as the company continues to support the development of UK cities.

It also sets out a proposal for the local authority to enter into an agreement to take a lease of one of the new office buildings.

The first phase on a plot between the law courts and Kelham Island will include office space, 350 build-to-rent homes, a multi-storey car park and a public space. It will accommodate up to 1,800 workers. Urbo has been working with Sheffield Council for several years to develop the West Bar Square scheme which was granted outline planning consent in 2017.

Coun Mazher Iqbal, cabinet member for business and investment, said: “This is fantastic news and yet another example of how we are attracting major new investment partners into the city.

“We are repeatedly being told that 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. This development will create jobs, living spaces and improved neighbourhoods right in the heart of Sheffield.”

It follows US property investors Angelo Gordon announcing a £50m scheme as part of the Heart Of The City II development.