Sheffield city council has unveiled plans to form the Sheffield Investment Fund in a bid to unlock development.
The council said that a key provision of the fund was that it would allow collaboration with new development and investment partners. It would also enable future phases of improvement in the city through acquisition and asset management.
The fund will initially be wholly owned by Sheffield council, which will be able to inject both the land holdings that it controls, and the tax incremental finance required for infrastructure, into it.
The fund, due to be launched in the summer, will be managed by CBRE Capital Advisors, the private capital advisory arm of CBRE, which will develop an investment and stewardship model for the city.
The council and CBRE Capital Advisers will engage with the investment and developer markets to attract finance and expertise to deliver future city centre projects.
Sheffield council is now seeking development and investment partners to deliver the New Retail Quarter, a 600,000 sq ft retail and leisure led scheme in the city centre. The development will be the first major stage of investment activity.
Councillor Leigh Bramall, cabinet member for business, skills and development at Sheffield council, said: “We are taking a new approach to developing Sheffield city centre. We are setting up the city centre fund to speed up the delivery of key projects. Project number one will be the New Retail Quarter.
“The market has moved, retail has changed, and we intend to capitalise on this and deliver the promised outcome for the city centre. This is about us achieving the same results with a different approach.
“Taking control of our destiny by working hand in hand with the private sector allows us to make effective use of all the tools we have available such as TIF through our new development deal with government as well as land holdings we have.”
Cushman & Wakefield and Lunson Mitchenall are advising the council.
Click below to hear John Mothersole, ceo of Sheffield city council, talk about the fund and the viability of retail-led regeneration after Hammerson.
annabel.dixon@estatesgazette.com
