Legal & General and Urbo (West Bar) Limited – a joint venture between Urbo Regeneration and Peveril Securities – part of the Bowmer + Kirkland Group, with partners Sheffield City Council announce that the first phase of development for West Bar, the £300m mixed-use scheme in Sheffield City Centre, has started.
In May 2020, Legal & General announced investment into the West Bar development, with a reserved matters planning application submitted in 2021 for the first phase of the scheme. Legal & General’s forward funding investment marks the single largest private investment deal in Sheffield City Centre.
“We are thrilled to secure unconditional agreements and forward funding that guarantees the delivery of the first half of the West Bar development. Our entire project team has worked incredibly hard to bring forward this important regeneration project and we are pleased to be able to start construction on site.”Peter Swallow, Managing Director at Urbo
The first phase of the development will deliver Build to Rent apartments, a grade A office building and car park. Designed by award winning architects 5plus with planning advice from Asteer Planning, the seven acre West Bar project also includes green public spaces on the gateway site.
“There has never been a more important time to invest in our regions, and today marks an exciting milestone in West Bar’s journey. Our vision for West Bar is to provide a much-needed new quarter for the centre of Sheffield, delivering on the city’s housing, jobs and regeneration needs. This important scheme will strengthen Sheffield’s position as a leading UK city. We’re delighted to progress our plans, and look forward to continuing our partnership with Urbo, Sheffield City Council, and the local West Bar community.”Ben Rodgers, Head of Regeneration, LGIM Real Assets
The first phase of the West Bar development is expected to complete in 2024, which will deliver:
- The £78m Soho Yard Build to Rent development, consisting of 368 Build to Rent apartments owned and operated by Legal & General.
- No. 1 West Bar Square – a new 100,000 sq ft Grade A office building with retail accommodation on the ground floor and a roof terrace with panoramic views. It will be an impressive and sustainable gateway building to the wider West Bar regeneration project.
- A 450-space multi-storey car park, 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 a focal point for the West Bar area.
“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.”Bill Hughes, Head of LGIM Real Assets
Once the entire West Bar project is complete, it will provide up to one million sq ft of mixed-use accommodation, consisting of 500,000 sq ft of office space, residential and car parking with supporting amenities. The scheme will feature over an acre of public realm and green space, which compliments Sheffield City Council’s grey to green transformation. The project also has the potential to create up to 8,000 new jobs.
“Our vision to deliver a flagship destination to support demand for high specification, large floorplate offices and much needed new housing and jobs, is being realised and we look forward to working with Legal & General and Sheffield City Council as we now move forward with certainty.”Ralph Jones, Managing Director of Peveril Securities
West Bar Square will provide a central hub for retail and leisure uses within the development, providing much needed services to occupiers and residents in the vicinity – alongside a key link from the successful Kelham Island area to Sheffield city centre.
“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.”Councillor Mazher Iqbal, Co-Chair of Transport, Regeneration and Climate Committee, Sheffield City Council