The development will comprise 200,000 sq ft of office space, 350 rental homes, a multi-storey car park and landscaping. The first phase will deliver office space for up to 1,800 workers.
The insurance giant has partnered with Sheffield City Council and Urbo (West Bar) Ltd – a joint venture of Urbo Regeneration and Peveril Securities (Bowmer & Kirkland’s development arm).
Legal & General chief executive Nigel Wilson said: “This is not new territory for L&G. Our investment partnerships 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.”
Urbo Regeneration managing director Peter Swallow 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.”
Peveril Securities managing Director Ralph Jones said: "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.”
West Bar Square was granted outline planning consent in 2017 and in 2019 a compulsory purchase order was confirmed to complete assembly of site. Detailed designs by Five Plus Architects will support the reserved matters planning applications for the first phases of development, which will be submitted in the summer.