Friday, August 14, 2020

Sheffield’s Heart of the City II moves forward

Sheffield’s ongoing Heart of the City II scheme is moving forward as the city council pledges “exemplary ethical and sustainability standards” whilst also opening development opportunities for others.

Heart of the City II has already attracted a number of high-profile international occupiers to the area, including HSBC, CMS and Radisson Blu, plus Swedish fashion brands, Weekday and Monki, alongside local firms such as Marmadukes and, most recently announced, New World Trading Company.

Conversations with John Lewis & Partners are ongoing, and the Council is seeking authority from Cabinet next week to restructure the lease on their Barker’s Pool shop, which would facilitate its refurbishment.

Cabinet will also be asked to authorise the release of Block G – the former South Yorkshire Fire Authority Headquarters site and now the Wellington Street surface level car park – to the private sector. Investors or developers will be asked to come forward with ideas for schemes that fit with the updated Heart of the City II masterplan.

This move follows the successful model of Block F, where American investors Angelo Gordon are leading the development of Kangaroo Works, a high-quality residential scheme of 364 build-to-rent apartments.

“Our investment in Heart of the City II has established the opportunity for Sheffield to become a thriving commercial centre and to create jobs,” said Councillor Mazher Iqbal, Cabinet Member for Business and Investment at Sheffield City Council.

“The ongoing success of the scheme has built up the confidence of the private sector to invest in Sheffield. As a result, we have made the decision to release Block G of the wider masterplan to the market.

“This will reduce our borrowing requirements for the scheme from £470 million to around £370 million, which lowers the financial risk to the Council – a prudent approach during the current climate – while maintaining the ambitions of the scheme.

“We are also restating our commitments in the two key areas of carbon reduction and fair pay. This is all part of building a city centre that is fit for the future and supports our communities and environment to thrive.”

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