A multi-million pound plan aimed at making Sheffield’s long-awaited retail quarter finally become reality has been revealed today.
Sheffield Council proposes to purchase properties in the area between Pinstone Street, Moorhead and Barkers Pool in a £55 million deal to get them back from developer Hammerson.
Plans for the £400m Sevenstone shopping centre were shelved last year after repeated delays from Hammerson.
And the authority said work to demolish buildings could start as early as next year - with completion expected to be in 2019-2020.
Coun Leigh Bramall, cabinet member for business, said: “We wouldn’t be making this commitment to purchasing the land without confidence that we were going to deliver the scheme and move forward with it.
“This is the first key milestone in developing the scheme.”
The council launched a Sheffield Investment Fund to attract development and investment partners earlier this year.
It says there are about 24 developers ‘chasing up’ the chance to get involved with the new retail quarter.
Options for structuring the property deal will be presented to cabinet next week.
The council could also decide to fund the rest of the scheme directly, with various options on the table.
See tomorrow’s Star for the full story.