Sheffield's Heart of the City II development gets £6m funding boost
A flagship development to ‘extend’ the Peace Garden and create a new square for alfresco dining in Sheffield city centre has been handed a funding boost.
South Yorkshire council leaders signed off on funding from the Sheffield City Region .
The latest phase of Heart of the City development in Sheffield city centre will receive £6 million earmarked for new open spaces.
Plans include a landscaped pocket park on the Block G area including a cycle hub; a small square on Carver Street with seating terraces for adjoining cafes and civic space and expanding the Peace Gardens between the Town Hall and proposed Radisson Blu hotel on Pinstone Street.
The new spaces adjoin developments within the £480m Heart of the City II project and are aimed at increasing ‘attractiveness’ to occupiers and visitors.
Around £4 million of the funding comes through the Government’s Getting Building Fund in which the combined authority received £33.6 million from Whitehall. Any scheme which has GBF money has to be completed in 18 months.
SCR bosses said the investment to Sheffield Council would return £2.60 for every £1 spent on the project.
Sue Sykes, programme and performance unit assistant director at SCR said: “This benefit cost ratio suggests that the employment associated with the wider scheme would generate £328m in gross Gross Value Added over ten years and £127 million in net additional benefits.
“Conditions include achieving planning permission for the new pocket park and development on Carver Street.
“The project is also linked with a Transforming Cities Fund proposal which aims to secure funding for Rockingham and Pinstone Street.
“Non-delivery of the TCF scheme is likely to reduce value for money associated with Heart of the City II but will not compromise the case for this GBF funding.”
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