BDC

Sheffield’s Heart of the City II on Its Way

More details have been unveiled about Sheffield’s Heart of the City II with the council set to move a number of elements of the project forward. A number of high-profile international occupiers have already been attracted to the area, including HSBC, CMS and Radisson Blu, plus Swedish fashion brands, Weekday and Monki, alongside local companies such as Marmadukes and New World Trading Company.

Conversations with John Lewis & Partners were said to be ongoing and the council is seeking authority from cabinet next week to restructure the lease on its 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 model of Block F, where American investor Angelo Gordon is leading the development of Kangaroo Works, a 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. The ongoing success of the scheme has built up the confidence of the private sector to invest in Sheffield,” said Cllr Mazher Iqbal, cabinet member for business and investment at Sheffield City Council.

“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 £470m to around £370m, 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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BDC 301 February 2023