SHEFFIELD CITY CENTRE UNDER THREAT?
| the yorkshire region T
Office-to-
residential permitted
development rights have helped accelerate this
Martin Crosthwaite
residential trend and many good quality office buildings are now student homes, such as the 60,000 sq.ft of offices at Redvers House in
the traditional office core, which, sold by Crosthwaite Commercial last year for close to £7m, is currently being converted to 175 studios, predominantly aimed at the student market.
In the meantime, there are no new office schemes under construction in the city centre, now No 3 St. Paul's, an 80,000 sq.ft new office scheme, has just been completed. No doubt others will follow, however not until headline rents increase to justify a start on site.
raditionally, it has been said that Sheffield is “the largest village in England” but there is every chance that this may change to the “largest student village in England” as more and more student developments take place, often at the expense of commercial schemes.
Offices aside, Sheffield city centre is still desperately in need of a new shopping scheme to help regenerate the central core, yet the timescale for announcing a new development partner to replace Hammerson seems to continually slip. In the meantime, the area around Meadowhall to the east of the city continues to go from strength to strength with IKEA now on site constructing their new 400,000 sq.ft superstore and now British Land are proposing a 330,000 sq.ft leisure and retail extension to the Meadowhall shopping centre. Ironically, this would mean a further three-quarter of a million square feet of out of town retail and leisure at a time when the city centre retail scheme is still in the balance. Hardly a confidence booster for any city centre developer!
With John Lewis yet to commit to the new City centre retail scheme, there is still a question mark hanging over the future for this, indeed some cynics are suggesting that a relocated John Lewis store could be included in the Meadowhall plans. As part of the Northern Powerhouse, Sheffield is facing a critical few years and whilst the high-level engineering, research and development side seems to be prospering, the city centre is in dire need of redevelopment.
QUEENSBURY SELECTED FOR REGENERATION PROJECT
S
heffield City Council has selected a regeneration specialist to help it
transform the fortunes of the city centre. It has chosen Queensberry Real Estate as the preferred bidder as Strategic Development Partner for Sheffield Retail Quarter: the £480m scheme that will bring world-class shopping, leisure, residential and office opportunities into the heart of the city. As one of the UK’s leading urban regeneration specialists, Queensberry Real Estate (QRE), prides itself on experience of complex city centre regeneration projects. QRE will help drive the scheme forward, refine plans and negotiate with retailers. Councillor Leigh Bramall, deputy leader of Sheffield City Council and Cabinet Member for Business and Economy, said: “We are delighted to announce Queensberry Real Estate as preferred bidder to become our Strategic Development Partner for Sheffield Retail Quarter. This is a key milestone and a significant step forward in the delivery of the scheme, which will provide a transformational development in the heart of our city centre.”
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www.whittlejones.com COMMERCIAL PROPERTY MONTHLY 2016
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