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Legal & General signs West Bar Square deal

2020 Apr 28

Legal & General signs West Bar Square deal

Legal & General has invested £150million into Sheffield’s West Bar Square development to deliver the first phase of the scheme.

This deal highlights Legal & General’s commitment to investing in Sheffield, where it recognises the high potential which the city has to offer and is committed to support its post-crisis growth ambitions, meeting its needs for regeneration, housing and job creation, following a number of years of underinvestment.

The first phase will deliver large footprint, modern office space, currently lacking within Sheffield’s property market, and is expected to accommodate up to 1,800 workers.

The deal represents a partnership between Legal & General, Sheffield City Council and Urbo (West Bar) Ltd – the joint venture between Urbo Regeneration and Peveril Securities (the development arm of the Bowmer and Kirkland Group).

Legal & General has invested billions of pounds into urban regeneration projects across the UK, including partnerships with universities and Local Authorities in Cardiff, Salford, Newcastle and Sunderland, and central government bodies such as Homes England. Legal & General is committed to using its varied capital streams, from start-up funding to UK pension money and long term patient capital, to reshape the urban landscape; providing the significant investment needed to help UK cities adapt, change and innovate.

Nigel Wilson, CEO of Legal & General, said: “There has never been a more important time to invest in our regional cities. Legal & General is in a unique position to support the UK economic recovery by recycling hard earned savings and pensions into real assets which promote job creation - through construction to office occupation - and create landmark master plans which incorporate grade A office space, a variety of housing and high quality public space.

"This is not new territory for L&G. Our investment partnerships with in cities such as Cardiff and Newcastle are already delivering at pace. Likewise our vision for West Bar Square is to deliver a much needed new quarter for the centre of Sheffield.  During these unprecedented times, it is absolutely imperative that institutions continue to push forward with deals such as these, so we can position the UK for an accelerated recovery and lay the groundwork to support those most in need in society.”

Peter Swallow, Managing Director of Urbo Regeneration said: “This is a massively significant investment for Sheffield, and is a vote of confidence in the future of the City as a whole, particularly during the current climate. The funding partnership we have agreed with Legal &General will guarantee delivery of large scale regeneration in this important part of the City, linking the rapidly expanding Kelham Island district to the City Centre.”

Ralph Jones, Managing Director of Peveril Securities and main board director of Bowmer & Kirkland, said: "We are delighted to enter into this exciting partnership as we look to support regional cities in emerging strongly post-crisis. We are already working with Legal & General on a similar major Government Hub office scheme in the Midlands and now they will also help us to deliver this market-leading development in Sheffield.”

Urbo has been working with Sheffield City Council for several years to bring forward the West Bar Square scheme, which enjoys a prominent position on the Inner Ring Road between the booming Kelham Island district and Sheffield’s Cathedral Quarter. West Bar Square was granted outline planning consent in 2017 and, in 2019, a Compulsory Purchase Order to complete assembly of site was confirmed. Detailed designs by leading architect 5plus will support the reserved matters planning applications for the first phases of development, which will be submitted in the summer.

The creation of West Bar Square will complement the neighbouring Riverside Business District which already boasts key office occupiers including the Home Office, top 50 law firm Irwin Mitchell and the Crown and Family Courts.

BNP Paribas and Knight Frank have been appointed as joint agents for West Bar Square. Their details, together with information about the development, can be found here

 
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Agreement proposed to drive forward Phase One

2019 Feb 07

Agreement proposed to drive forward Phase One

A new agreement has been proposed to bring forward the first phase of West Bar Square .

Urbo (West Bar) Ltd, a joint venture between Urbo Regeneration and Peveril Securities, the development arm of the Bowmer and Kirkland Group, is in discussions with Legal & General to bring forward the vision for the first phase of the development, as the company continues to support the development of UK cities.

The first phase of development will comprise 200,000 square feet of Grade A office space, 350 ‘Build To Rent’ homes, a multi-storey car park and high quality landscaped public spaces.

This is thought to be the largest ever private sector investment in a single phase of development in Sheffield City Centre.

Urbo has been working with Sheffield City Council for several years with a view to bringing forward the West Bar Square scheme which was granted outline planning consent in 2017. Detailed designs by leading architect 5plus will support the reserved matters planning applications for the first phases of development. 

A report to the Council’s Cabinet in February also sets out a proposal for the Council to enter into an agreement to take a lease of one of the new office buildings.

The first phase will deliver large footprint, modern office space, which is currently lacking within Sheffield’s property market and when this element is complete, it is expected to accommodate up to 1,800 workers.

The creation of West Bar Square will complement the neighbouring Riverside Business District which already boasts key office occupiers including the Home Office, top 50 law firm Irwin Mitchell and the Crown and Family Courts.

Peter Swallow, Managing Director of Urbo Regeneration said: “This is a massively significant investment for Sheffield and is a vote of confidence in the future of the City as a whole. The partnership will deliver large scale regeneration in this important part of the City, linking the rapidly expanding Kelham Island district to the City Centre."

Ralph Jones, Managing Director of Peveril Securities and main board director of Bowmer & Kirkland, said: “We are delighted to enter into this exciting partnership and are already working with Legal & General on a similar major Government Hub office scheme in the Midlands. We are looking forward to the possibility of working together again to deliver this market-leading development in Sheffield."

Councillor Mazher Iqbal, Sheffield City Council Cabinet Member for Business and Investment, said: “This is fantastic news and yet another example of how we are attracting major new investment partners into the city. We are repeatedly being told that there is a shortage of new Grade A office space in the City Centre which could have a negative impact on the local economy in terms of options for new or existing businesses to move and expand.

“As a Council we are helping to address this through making sensible targeted interventions in the market with partners. This development will create jobs, living spaces and improved neighbourhoods right in the heart of Sheffield and provides better connectivity between the city centre and Kelham. It’s a huge project and Sheffield can’t wait for it to get started.”


 
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Land purchase moves West Bar Square development forward

2018 Apr 08

Land purchase moves West Bar Square development forward

Developer Urbo (West Bar) Ltd has completed the purchase of a further property located within the boundaries of its West Bar Square development.

The land, which is located on Corporation Street, has been purchased from Johnston Press Plc which publishes The Star and Sheffield Telegraph. The purchase will enable Urbo to take another step forward with its ambitious £175 million mixed-use regeneration scheme in Sheffield.

The land is currently in use as an informal surface car park by Johnston Press staff following the demolition of buildings a number of years ago. The car park has been leased back on a short-term basis.

The 0.8 acre site, which has been acquired by Urbo, will be incorporated into the 5.7 acre West Bar Square scheme. Outline planning permission was granted last year for a mixed-use development comprising offices, residential accommodation, a hotel and retail units covering 1.4 million sq ft.

The development, when complete, is expected to create sufficient space to accommodate up to 5,000 workers. Consent has also been granted for associated landscaped public spaces within the development.

The creation of West Bar Square will add to the neighbouring Riverside Business District which already boasts key occupiers including the Home Office, top 50 law firm Irwin Mitchell and the Crown and Family Courts.

Commenting on the latest land acquisition, Peter Swallow, Managing Director of Urbo said: “Plans for West Bar Square are moving forward well. This key acquisition builds on the significant progress that we have made with site assembly to date and means we can now move towards delivery of the first phase of the scheme.”

Further details on the development, can be found here.

 
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Outline planning consent granted for West Bar Square

2017 Feb 14

Outline planning consent granted for West Bar Square

Outline planning consent has been granted for Sheffield’s £175 million mixed-use West Bar Square development – marking another milestone for the ambitious regeneration scheme which will create up to 5,000 jobs.

Permission has been granted by the city council for delivery of a flexible masterplan comprising up to 1.4m sq.ft. of prominent city centre space with frontage to Sheffield’s inner relief road.

Local developers, Urbo Regeneration, can now continue to progress negotiations with potential occupiers and investors for the proposed offices, high quality PRS apartment blocks, a four-star hotel, restaurants, and retail units to be constructed on the site. Consent has also been granted for associated landscaped public spaces within the development.

The granting of outline planning consent for West Bar Square presents another significant step forward for both the scheme and regeneration of Sheffield’s Riverside Business District. The area is already home to some 3500 jobs with employers such as the Home Office, Courts, Irwin Mitchell and other large occupiers.

Late last year it was announced that Peveril Securities, the development arm of Bowmer & Kirkland Group, had been secured as the delivery partner for West Bar Square. The joint venture saw the creation of the new company, Urbo (West Bar) Ltd, formalising the partnership to deliver the project as a whole.

More than half the scheme will be office space, providing jobs for up to 5,000 workers. It is anticipated that West Bar Square will deliver large floorplate modern office space, currently lacking within the Sheffield property market, with the aim of attracting further major private and public sector employers to Sheffield City Centre.

The proposed office units will focus around the new West Bar Square, a major landscaped space comparable in scale to Millennium Square and St Paul’s Place in Sheffield, linking the Cathedral Quarter to the Riverside district.

The West Bar Square scheme has been designed by 5plus architects and master planners Urbed, and was developed working in conjunction with officers at Sheffield City Council to ensure the completed scheme will form a distinctive new extension of Sheffield City Centre. How Planning Consultants advised upon and co-ordinated the planning application process.

Peter Swallow, Managing Director of Urbo Regeneration said: “The granting of outline planning consent represents another key milestone for the West Bar Square project and brings this ambitious scheme closer to delivery. Working in partnership with our delivery partner, Peveril Securities, I am confident we will be able to secure occupiers and investors and move forward with detailed planning applications for individual buildings in 2017.”

Ralph Jones, Managing Director of Peveril Securities Limited and Main Board Director of Bowmer & Kirkland added: “The receipt of planning consent is excellent news, and now allows us to progress through the development process and continue our Group’s involvement with Sheffield on this exciting scheme.”

Councillor Leigh Bramall, deputy leader of Sheffield City Council and cabinet member for business and economy, said: “This comprehensive proposed development continues the excellent regeneration in the Riverside area of the city. West Bar Square is a long-standing large office project, started by the Council, that will grow the economy of the city centre. New housing opportunities and a high-quality public realm will connect the core of the city centre to Kelham Island and complement the award-winning Grey to Green landscaping project.”

The site assembly and clearance process is already underway with a view to enabling the earliest possible start on site, subject to planning approval for individual building designs once investors are secured.

BNP Paribas and Knight Frank have been appointed as joint agents for West Bar Square. Their details, together with information about the development, can be found at www.westbarsquare.com.

 
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Joint venture announced to deliver £175m West Bar Square

2016 Oct 12

Joint venture announced to deliver £175m West Bar Square

Peveril Securities, the development arm of Bowmer & Kirkland Group, has been announced as the delivery partner for Sheffield’s £175m premier mixed-use development, West Bar Square.

 Local developer Urbo Regeneration has worked closely with project partners Sheffield City Council in finalising the joint venture deal with Bowmer & Kirkland. The creation of the new company, Urbo (West Bar) Ltd, formalises the partnership to deliver West Bar Square.

 Bowmer & Kirkland is one of the UK’s most successful privately-owned construction, engineering and development a groups. Already active in Sheffield as the lead contractor on many major projects, including Sheffield University’s Advanced Manufacturing Research Centre, St Paul’s Place and the New Era development; Bowmer & Kirkland brings substantial financial backing and large-scale construction experience to the partnership.

The announcement follows the recently submitted Outline Planning Application for West Bar Square and marks another major project milestone.

West Bar Square has been designed to provide up to 700,000sq ft of office space and 500,000 sq ft of residential apartments together with restaurants, cafés, shops and high quality landscaped areas.

The masterplan for West Bar Square has been designed by Urbo’s award winning team, 5plus architects and Urbed, working closely with Sheffield City Council to ensure the completed scheme will form a distinctive new extension of Sheffield City Centre.

The project will create a series of office and residential buildings focused around the new West Bar Square. This major landscaped space, comparable to Millennium Square in scale, will link Sheffield’s Cathedral Quarter to the Riverside and provide a vibrant mixed-use environment.

Ralph Jones, Managing Director of Peveril Securities Limited and Main Board Director of Bowmer & Kirkland said: “We are thrilled to enter into this JV with Urbo on such an exciting scheme.  This will enable us to bring our development and construction expertise to the project, together with our financial strength. We are looking forward to a continued working relationship with Sheffield.

Urbo’s Managing Director Peter Swallow said: “We are delighted that Bowmer & Kirkland is on board as Urbo’s delivery partner. Our ambitious West Bar Square scheme will transform Sheffield’s Riverside Business District, providing a site easily able to provide for the very largest office space requirements.

“We have worked tirelessly with Sheffield City Council over the last 12 months to secure the partnership and we are now well placed to forge ahead with the development of the site.”

Councillor Leigh Bramall, deputy leader of Sheffield City Council and cabinet member for business and economy said: “Sheffield City Centre has a crucial role to play as the commercial business district for the city and wider City Region, delivering jobs and helping to create the diverse economy we need to thrive.  West Bar Square will significantly strengthen the city’s status as a key location for business and professional services, supported by improvements made in the area such as Grey to Green and the recently-completed Love Square.”

BNP Paribas and Knight Frank have been appointed as joint agents for West Bar Square. Their details, together with information about the development, can be found at www.westbarsquare.com.

 


 
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Contact

Peter Swallow or Andy Dainty,
Directors, Urbo Regeneration Ltd.

36 The Bridge Business Centre
Beresford Way
Chesterfield S41 9FG
Tel:  01246 260206
Fax: 01246 260237
Email: info@westbarsquare.com


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