CITY bosses have announced a major step forward for Sheffield’s £600 million new retail quarter development - after developers Hammerson pledged £10m to complete compulsory purchase orders.
The long-delayed Sevenstone scheme was put on hold in 2008 but action needs to be taken before the purchase orders expire in July.
Last year Sheffield Council drew up plans for a £20m fund to secure the site, which stretches from Barker’s Pool to Pinstone Street and The Moor, but the Government’s £10m contribution was suspended because of spending cuts.
Now Hammerson has agreed to contribute £10m to buy up the land, and will pay the interest on a further £10 that will be funded by council borrowing.
Council leader Paul Scriven described the move as “the biggest step forward we have seen in making Sevenstone a reality”.
For full details and reaction see The Star and The Sheffield Telegraph tomorrow - Thursday, March 17, 2011.