The West Bar Square includes 350 build to rent homes, 200,000 square feet of office space, a multi-storey car park and public spaces.
Legal & General is using its varied capital streams, from start-up funding to long term UK pension money, to reshape the urban landscape; providing the significant investment needed to help cities adapt, change and innovate.
Nigel Wilson, CEO of Legal & General, said: “There has never been a more important time to invest in our regional cities.
“During these unprecedented times, it is absolutely imperative that institutions continue to push forward with deals such as these, so we can position the UK for an accelerated recovery and lay the groundwork to support those most in need in society.”
Peter Swallow, managing director of Urbo Regeneration, added: “This is a massively significant investment for Sheffield, and is a vote of confidence in the future of the City as a whole, particularly during the current climate.”
L&G acquires retirement housing site
Legal & General’s later living business, Inspired Villages, has acquired a 12-acre site in Caddington, Bedfordshire with a view to develop 200 homes for those in retirement.
The site is expected to have a gross development value of £120m on completion and will have a restaurant, café, wellness centre, library and cinema room.
The Caddington site acquisition brings Inspired Villages’ development pipeline to 2,500 homes across the UK in the next six years.
Phil Bayliss (pictured), CEO of Later Living at Legal & General, said: “We have an extraordinary opportunity to deliver homes and support a lifestyle that will really change the way we age in the UK.
“As Inspired Villages continues to expand, it will play a key role in providing high quality later living housing to the UK through which we can address the social and economic issues linked to the UK’s ageing population.”
Neal Dale, development director at Inspired Villages Group, added: “It is fantastic that Central Bedfordshire Council has recognised the urgent need for more age-appropriate housing for the over 65s and approved our plans for a retirement village in Caddington.
“We have worked alongside the landowner over the last 18 months in achieving this milestone and now look forward to progressing matters to a start on site early next year.”