Chinese investors behind £75m scheme still have Sheffield in their sights

Chinese investors in the £75m New Era Square development want to invest millions more - and Sheffield is in their sights.
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Investors and shareholders and their families occupy six floors in the jade-coloured tower, part of the complex on St Mary’s Gate – including two £1m penthouse floors with stunning views of the city.

Sheffield-based co-investor Jerry Cheung said they were happy with New Era, which is set for completion on May 29, and they were looking for new schemes to put money into.

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He added: “They want to invest more. They like Sheffield and the people. All our networks and connections are in Sheffield.

The Jade Tower, part of the New Era development on St Mary's Gate. The top two floors are £1m penthouse apartments owned by the Chinese investors.The Jade Tower, part of the New Era development on St Mary's Gate. The top two floors are £1m penthouse apartments owned by the Chinese investors.
The Jade Tower, part of the New Era development on St Mary's Gate. The top two floors are £1m penthouse apartments owned by the Chinese investors.

“If there’s a viable investment, I’m sure they would be very positive about it. We’re not just focused on construction, we’re very open minded.”

The group could put money into a Chinese firm setting up in the UK that wanted a local partner, he added. Or it could buy a local firm.

“If the figures add up and we can add value with our expertise we’d be interested.”

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An office block and public square are still under construction. But more than 600 flats, a supermarket, shop and cafe units, and an 88-space underground car park are complete.

Jerry Cheung with a model of New Era.Jerry Cheung with a model of New Era.
Jerry Cheung with a model of New Era.

The investors - three Chinese family firms and Mr Cheung - put in £47m, with the rest from a bank.

He added: “Right from the outset I had their trust. Trust is one thing, but you still have to produce the goods. Things go wrong, that’s normal, we’ve had to overcome a lot of difficulties, but we’re on track and we’re nearly finished.”

A China-UK Business Incubator - CUBI - will be in the office block, aiming to help Sheffield firms export to China, help Chinese businesses invest here and retain Chinese talent in the city.Mr Cheung said he had been working on the project “in the evenings” for years. But he was confident a bid for almost £800,000 from Europe would go through and - with match funding - a £1.25m investment would see it up and running and staffed by advisers.

He said he was very excited by CUBI’s potential.

Jerry Cheung at New Era Square.Jerry Cheung at New Era Square.
Jerry Cheung at New Era Square.
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“It would make my day to have a Chinese manufacturer set up here and create 500 jobs. Made in Britain still means a lot. CUBI could be the most exciting project of all.”

He thanked former Sheffield MP Richard Caborn for his “knowledge, skills, influence and presence” in setting it up.

Mr Cheung is also talking to the Local Enterprise Partnership about an enterprise-matching conference in October. Introductions between up to 40 Chinese and 40 Sheffield firms would be made ahead of an event in Sheffield, so they could “hit the ground running,” he added.

“I’m excited about the future. New Era Square is a quality development and we’re delivering on the vision. Completion is the beginning.”

The office block will be finished on May 29.The office block will be finished on May 29.
The office block will be finished on May 29.
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CUBI is a not-for-profit social enterprise supported by Sheffield Chamber, Sheffield Hallam University, The University of Sheffield and Sheffield City Council.

Paying members include law firm Irwin Mitchell, The Sheffield College and immigration specialists Fragoman.