Legal & General sign major deal with Bolsterstone sister company
West Bar Square, the Sheffield City centre-based sister development of Chesterfield Waterside, has taken a major step forward in lockdown.
In a major £150million funding deal agreed with Legal & General, construction of the first phase of West Bar Square will be begin in 2020.
Phase 1 of West Bar Square comprises 200,000 sq. ft. of Grade A office space which will accommodate up to 1,800 workers, circa 350 ‘Build To Rent’ homes, a multi-storey car park and high quality landscaped public spaces.
Signed during lockdown, the deal is a positive sign for the UK’s property and construction market, and also highlights Legal & General’s support for the UK’s post-crisis economic growth, prospects and jobs.
Legal & General has partnered with Sheffield City Council and Urbo (West Bar) Ltd – a joint venture between Peveril Securities and Urbo Regeneration, the sister company of Bolsterstone Group Plc, which is delivering the Chesterfield Waterside project.
Peter Swallow, Managing Director of Urbo (West Bar) Ltd and Bolsterstone Group Plc, commented: “The world as a whole is in unchartered territory at the moment and these are deeply concerning times for everyone. However, the funding deal with Legal & General and the progress we are making with the office accommodation at Chesterfield Waterside are very much positive signs for the UK’s economy.
“Although the country is currently in lockdown, investors are already starting to look beyond this, which points to an economic recovery sooner rather than later.”
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.”
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.”
West Bar Square, like Chesterfield Waterside, is yet another example of the successful partnerships which Chesterfield-based Bolsterstone has developed between the public and private sector to bring forward a number of its highly successful regeneration projects.
Chesterfield Waterside scheme also continues to move forward apace. Avant Homes has begun construction on 173 new houses in the Waterside Quarter of the scheme. Already there have been a number of sales reservations.
Bolsterstone is also in advanced talks with occupiers for the majority of the space in the seven-storey office block planned for phase 1 of the Basin Square neighbourhood, which is due to start on site later this year
As well as 43,000 sq. ft of Grade A office space, Phase 1 of Basin Square will also comprise 310 Build-to-Rent apartments, 442-space multi-storey car park and an 84-bed hotel.
Further details of investment opportunities with Boslterstone Group Plc, please visit www.bolsterstone.com or contact 01246 260206