Over five years in the planning and construction, The Cube in Shoreham Street is also designed to offer exemplary green and ethical credentials.

It is being opened by council leader Paul Scriven and Lord Mayor Jane Bird.

The Cube Live Work Scheme is being hailed as an important milestone in the history of Sheffield's CIQ, the creative community that started more than 20 years ago with the transformation of the former Kenning showroom on Paternoster Row into the Workstation business hub.

It has ten ground floor studios/workspaces or offices, ten one bedroom apartments, 15 two bedroom/one bedroom, one work space apartments and a 'rent-a-desk/ office share'.

One of the main advantages of living on site is no more time travelling to and from work and minimal car use.

Then there are the environmentally-friendly features including one of the city centre's first bio-diverse roofs seeded with wildflowers to create an urban haven for wildlife.

The development also offers energy savings – cooling the building in summer and insulating it in winter – and reducing surface water run-off helping to reduce localised flooding.

The Cube has been developed as a demonstration project by the Cultural Industries Quarter Agency in partnership with housing provider Derwent Living.

Dan Sequerra, chair of the CIQ Board, said: "The Cube ranks alongside the Freeman College, Sheffield Hallam University's School of Art and Design and the nearby Digital Campus as landmark developments for the Cultural Industries Quarter area.

"We've been an engine for growth for the city for over two decades and The Cube is another key regeneration tool for Sheffield as well as a blueprint for sustainable living."

The Cube is funded by Yorkshire Regional Housing Board in association with Sheffield City Council and managed by The Showroom and Workstation.