Legal & General has committed £160m of forward funding to developers Urbo (West Bar) – a joint venture between Urbo Regeneration and Peveril Securities – to deliver the first and largest phase of the development.
The will involve four buildings on the site comprising 368 residential build to rent apartments, two HQ offices of 100,000 sq ft and a 450-space multi-storey car park.
These are due to be completed by 2024.
It 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.
The 1.5m sq ft West Bar Square city centre scheme will be built next to the city’s inner relief road and has been designed by 5plus architects and master planners Urbed.
Ben Rodgers, head of regeneration at LGIM Real Assets, said: “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.”