CBRE Seeking Proposals For Unique Development Opportunity
One of Sheffield City Centre’s most prominent development opportunities has been launched to market by CBRE’s UK Development Advisory team, acting on behalf of Sheffield City Council (SCC). The Barker’s Pool Building, a c.200,000 sq ft former department store, forms a significant element of the council’s £470M Heart of the City regeneration scheme and proposals are being sought by June 2022 for the redevelopment of the strategically located property.
Originally opened in 1962 as a department store with integrated car park, the property freehold is now owned by SCC who acquired the lease from John Lewis in January 2022. Sitting across 1.25 acres, the five-storey building can be sustainably redeveloped or repurposed for a wide range of uses, subject to planning approval.
Holding a prime position alongside the core central streets of Fargate, The Moor and Division Street, the building offers a pivotal location benefitting from nearby landmarks including Sheffield City’s Town Hall and the award-winning Peace Gardens, as well as many food, retail and entertainment destinations.
The property is also at the heart of one of the UK’s largest urban regeneration schemes, the 1.5m sq ft Heart of the City which represents a multi-million pound investment into Sheffield City Centre and which will provide active cultural, leisure, retail, residential and office uses to three sides of the property.
Since acquiring The Barker’s Pool Building in January 2022, SCC has been busy with securing the building and commissioning various surveys. Works to remove asbestos and strip out redundant plant and machinery are currently out to tender and will commence in the next few months, with anticipated completion in Spring 2023.
CBRE is openly marketing the property in a two-stage process, seeking expressions of interest by the end of June, with the second stage starting at the end of the summer once initial expressions of interest have been assessed and discussed with bidders. SCC is seeking proposals that add to the vibrancy and attraction of the widest possible number of visitors and local people into the city centre. Proposals must be of very high quality to enhance what SCC is achieving across the rest of the Heart of the City project and wider city centre.
Proposals will be judged on economic, social and environmental benefits rather than purely financial, but will need to be commercially deliverable.
Alex Andrews, CBRE’s UK Development Advisory Team, commented:
“The Barker’s Pool Building presents an exceptional opportunity for a developer to bring forward a creative solution for this prominent building, delivering a sustainable, environmentally friendly scheme, which in turn will capitalise on the growth and development already being delivered across Sheffield City Centre. The building’s location at the core of the Heart of the City scheme will ensure its long-term prominence and we are looking forward to receiving proposals and discussing with prospective developers”.
Kate Martin, Executive Director at Sheffield City Council, said:
“We know how important this property is to the people of Sheffield and this is a once-in-a-generation opportunity to reshape a key city centre location. The decision on how the property and location is reimagined and its future use will be carefully considered.
“Although removing the existing building is an option, we are keen to ensure we examine all the options on the table, so we can make a fully informed decision. We plan to make the most of this rare opportunity and develop something truly special for Sheffield.
“As part of this process, we are inviting imaginative and deliverable proposals for either refurbishment or redevelopment of the property and are open to ideas around its future use. We look forward to receiving submissions of outstanding quality that will genuinely add to the vibrancy of the city centre and attract the widest possible number of Sheffield residents and visitors to the city.”
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