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Works start on site to deliver £300 million Sheffield West Bar development as partners Legal & General, Urbo and Sheffield City Council drive forward the City’s regeneration
Legal & General and Urbo (West Bar) Limited - a joint venture between Urbo Regeneration and Peveril Securities – part of the Bowmer + Kirkland Group, together with partners Sheffield City Council have announced today that the first phase of development for West Bar, the £300 million mixed-use scheme in Sheffield City Centre, has commenced.
4 Aug 2022
Marking a major milestone for the West Bar development, Legal & General has committed £160 million of forward funding to developers Urbo (West Bar) Ltd to deliver the first phase of development. This is the single largest private investment deal in Sheffield City Centre and is the culmination of several years’ work in the assembly and ground preparation for comprehensive area-wide regeneration.
As UK cities continue to grow, there is an increasing demand for high quality housing, workspace, and amenities.
Bill Hughes, Head of LGIM Real Assets:“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 cutting-edge 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. When complete in 2024, this first phase of West Bar will deliver:
- No. 1 West Bar Square - will consist of a new 100,000 sq ft Grade A office building with retail accommodation on the ground floor and roof terrace offering panoramic views. It will be an impressive and sustainable gateway building to the wider West Bar regeneration project.
- Soho Yard – a £78 million development consisting of 368 build to rent apartments owned and operated by Legal & General.
- Car Park - A 450-space multi-storey car park with 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 focal point for the West Bar area
The scheme has been designed by award winning architects 5plus with planning advice from Asteer Planning. 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. West Bar will also provide over an acre of public realm and green space, complimenting the Council’s hugely successful grey to green transformation. The creation of West Bar Square will provide a central hub for retail and leisure uses within West Bar and provide much needed services to occupiers and residents in the vicinity alongside a key link from the successful Kelham Island area to Sheffield city centre.
Ben Rodgers, Head of Regeneration at LGIM Real Assets: “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.”
Peter Swallow, Managing Director at Urbo:“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.”
Ralph Jones, Managing Director of Peveril Securities:“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.”
Councillor 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.”
Further information
Harriet de Beaufort-Suchlick
Head of Corporate Communications
Private Markets, Asset Management
T: 07717 533 079
Notes to editors
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.
LGIMRA is a division of Legal & General Investment Management (LGIM), one of Europe’s largest
institutional asset managers and a major global investor. LGIM manages £1.29 trillion1 ($1.57tn) in
assets, working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
LGIM Real Assets has assets under management of £36 billion2 ($43.8bn) and is one of the largest
private markets investment managers in the UK. Investing in both debt and equity and across the
risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial,
operational and residential property sectors, as well as infrastructure, real estate, corporate and
alternative debt.
Taking a long-term view in order to future proof our investments, LGIM Real Assets continues to lead the industry in ESG performance, considering all environmental, social and governance issues at asset level as well as portfolio level.
1LGIM internal data as at 30 June 2022. These figures include assets managed by LGIMA, an SEC Registered Investment Advisor. Data includes derivative positions.
2Source: LGIM Real Assets. AUM data as at 30 June 2022.
*at 13 Jan 2023
IMPORTANT INFORMATION
For professional clients only. Past performance is not a guide to the future. The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. Views expressed are of LGIM as at 12 January 2023. The Information in this document (a) is for information purposes only and we are not soliciting any action based on it, and (b) is not a recommendation to buy or sell securities or pursue a particular investment strategy; and (c) is not investment, legal, regulatory or tax advice. Legal & General Investment Management Limited. Registered in England and Wales No. 02091894. Registered Office: One Coleman Street, London, EC2R 5AA. Authorised and regulated by the Financial Conduct Authority, No. 119272.