Fargate: Sheffield city centre regeneration costs more than double to £33m
It is the latest major scheme to be hit by spiralling inflation
The cost of a Sheffield city centre revamp has more than doubled to £33.6m, the Star can reveal.
The upgrade centred on Fargate was awarded £15.8m of Government money in December 2020.
But the council has been forced to top it up with £17.8m from other pots. It is the latest major scheme to be hit by spiralling inflation.
Coun Ben Miskell, chair of the regeneration, climate change and transport committee, said an extra £11.9m from the South Yorkshire mayor’s office had been ‘identified’ although not all had been approved. Sheffield City Council was putting in an extra £5m and £900,000 was coming from the government’s Getting Building Fund.
The project includes a revamp of Fargate, which is underway and set to finish by the end of 2024. It alone needs an extra £4.6m to cover cost increases, Coun Miskell said. High Street and Castle Square are also in the programme.
Another element is the Front Door Scheme which gives private landlords money to refurbish 'unviable' empty buildings and bring them back into use.
Cash has also been used to buy the former Clinton Cards shop opposite Marks and Spencer, at 20-26 Fargate. The plan is to turn the six-storey building into a ‘cultural hub’ called Event Central with a live performance venue.
Funding was confirmed in December 2020 on condition it was spent by March 2024. But by May this year the council was still looking for a builder and an operator.
Coun Miskell said the deadline had now been extended to March 31 2026 after the council was selected as a ‘simplification pathfinder’.
He added: “Funding for Event Central is not at risk.”
Earlier this month The Star reported that spiralling inflation had caused ‘rethinks and delays’ to two other regeneration projects in Sheffield: Castlegate and Attercliffe.