City councillors have signed off an extra £126 million of investment in Sheffield’s new retail quarter.
The decision by cabinet members today (July 20) means work on the first phase of the development can now begin.
The investment includes a £35.8million loan, largely to pay development partner Queensberry Real Estate, and up to £90m on a six-storey 15,000 sq m office block, which will be HSBC’s new Sheffield headquarters.
New shops, restaurants, cafes and bars will be built, along with landscaped public space. Demolition of the former Grosvenor House Hotel and surrounding shops will begin next month.
Councillors hope the first phase will act as a ‘catalyst’ for the rest of the retail quarter, which involves the redevelopment of the area between Pinstone Street and Barker’s Pool.
Subject to planning approval, construction on phase one could start in 2017 with a completion date of early 2019.
The council’s deputy leader, Leigh Bramall, said: “This development provides the perfect link from The Moor, through to the future phases of the retail quarter, to the rest of the city centre.”
A total of £61.2m of spending on land purchases and enabling work has already been approved by the council, with more than £50m paid out so far.
The Charter Square roundabout next to the Grosvenor block is set to be removed and the road layout redesigned as part of highways work.
The council hopes the redesign will improve access for pedestrians and cyclists.
A consultation on phase one has opened. Visit www.sheffieldretailquarter.com or call 0800 731 5515. A drop-in session about the plans will take place at The Art House, in Backfields, from 3.30pm to 7.30pm on Monday.