The first phase of Legal & General and Urbo (West Bar) Limited’s £300m mixed-use development for West Bar, Sheffield has started.
Legal & General has committed £160m of forward funding to developers Urbo (West Bar) Ltd, a joint venture between Urbo Regeneration and Peveril Securities – part of the Bowmer + Kirkland Group, to deliver the first phase of development.
Bill Hughes, Head of LGIM Real Assets, said: “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.”
Sheffield West Bar is a mixed-use project which will deliver much needed new grade A office accommodation, housing, and green public spaces on the gateway site and has potential to create up to 8,000 new jobs.
Once complete in 2024, this first phase of West Bar will deliver a new 100,000 sq ft Grade A office building with retail accommodation on the ground floor, 368 build to rent apartments owned and operated by Legal & General, a 450-space multi-storey car park with around 300 cycle storage spaces and electric car charging points and a major new business address and landscaped public space for Sheffield and focal point for the West Bar area.
Cllr Mazher Iqbal, Co-Chair of Transport, Regeneration and Climate Committee at Sheffield City Council: “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.”
On completion of the whole 7-acre project, West Bar will provide up to 1 million sq ft of mixed-use accommodation, consisting of 500,000 sq ft of office space, residential, and car parking with supporting amenities.
