Sheffield City Council has launched a new investment fund which could act as a lifeline for the city’s long-awaited retail quarter scheme
Back in October, the authority vowed to take a lead on the failed Sevenstones city centre retail plans, which hit the rocks after developer Hammerson’s decision to pull out last summer.
The site of the £400 million project between Barker’s Pool, The Moor and Wellington Street is now being billed as the New Retail Quarter, and is set to be the first to benefit from the fund.
This cash will pave the way for ‘collaboration with new development and investment partners’; with the council working with the private sector to regenerate the city centre.
Leigh Bramall, cabinet member for business, skills and development at Sheffield City Council, said: ‘We are taking a new approach to the centre. We are setting up the fund to speed up the delivery of key projects. Project number one will be the New Retail Quarter.’
‘The market has moved, retail has changed, and we intend to capitalise on this and deliver the promised outcome for the centre. This is about achieving the same results with a different approach.
The original 80,000m² Sevenstones project featured buildings by Foreign Office Architects, Allford Hall Monaghan Morris, BDP, Pick Everard, Stiff + Trevillion, ACME, Hawkins\Brown and O’Donnell + Tuomey. But the shopping mall was hit by a number of setbacks and, despite attempts to revive the project, the scheme has effectively been on hold since 2009.
The fund, which will officially launch this summer, will initially be wholly owned by the council, who will inject into it the land holdings it controls and the tax incremental finance required for vital infrastructure. It is on the hunt for development and investment partners to deliver the new retail quarter.