Sheffield retail quarter gets banking boost

HSBC has signed a deal to take one of the first office schemes planned in Sheffield’s multi-million pound retail quarter development.

City councillors have also signed off an extra £126M of investment in the project, which means work on the first phase of the development can now begin.

The investment includes a £35.8M loan, to pay development partner Queensberry Real Estate, and up to £90M on the six-storey 15,000m² office block, which will be HSBC’s new Sheffield headquarters.

New shops, restaurants, cafes and bars will be built, along with landscaped public space. Demolition of the former Grosvenor House Hotel and surrounding shops will begin next month.

Councillors hope the first phase will act as a catalyst for the rest of the retail quarter, which involves the redevelopment of the area between Pinstone Street and Barker’s Pool.

Subject to planning approval, construction on phase one could start in 2017 with a completion date of early 2019.

The Council’s Deputy Leader, Leigh Bramall, said: “This development provides the perfect link from The Moor, through to the future phases of the retail quarter, to the rest of the city centre.”