Urbo and Peveril Securities are working with Sheffield City Council to take forward the West Bar Square regeneration project, located on the Inner Ring Road between the Kelham Island district and Sheffield’s Cathedral Quarter.
Peveril Securities is the development arm of Bowmer and Kirkland Group.
Both companies have formed a joint venture, Urbo(West Bar), to take up the West Bar Square project.
The first phase of the project will consist of 200,000ft² of Grade A office space, 350 ‘build to rent’ homes, a multi-storey car park and high-quality landscaped public spaces.
The partnership is also holding discussions with Legal & General to bring the project forward.
West Bar Square regeneration projectis considered to be the largest private sector investment in a single phase of development in Sheffield City Centre so far.
It comes within weeks after US property investors Angelo Gordon announced a £50m scheme as part of the Heart Of The City II development.
The Sheffield City Council has recently announced £10m funding for its Grey to Green and Knowledge Gateway programmes, which will follow the Grey to Green project at West Bar.
Urbo has been working with the council for several years to develop the West Bar Square scheme, which was granted outline planning consent in 2017.
Detailed designs by architect 5plus will support the reserved matters planning applications for the first phases of development.
A report to the council’s cabinet in February includes a proposal for the council to enter into an agreement to take one of the new office buildings on lease.
The West Bar Square project will be located on the Inner Ring Road between the Kelham Island district and Sheffield’s Cathedral Quarter.
The first phase will deliver modern office space, which is expected to accommodate up to 1,800 workers.
The creation of West Bar Square will complement the neighbouring Riverside Business District, which already includes key office occupiers,such as the Home Office, top 50 law firm Irwin Mitchell and the Crown and Family Courts.
Image: Rendering of the West Bar Square regeneration project in Sheffield, UK. Photo: Courtesy of Sheffield City Council.