Scarborough reaffirms commitment to investing in Sheffield

Mar 26, 2020

Scarborough International Properties Limited, the UK and international real estate developer and investor, today reaffirms its commitment to investing in Sheffield in the wake of the COVID-19 pandemic.

Continuing its long track record of investment in Sheffield, Scarborough is pushing forward with a number of significant regeneration projects that will deliver economic benefits to the area.

Sheffield Olympic Legacy Park

At Sheffield Olympic Legacy Park, Scarborough will begin work to transform the existing sporting facility to create a top-class Community Stadium providing a permanent home for Sheffield Eagles Rugby League and possibly Sheffield United Women’s Football. In addition to changing room accommodation and sporting support space the principal stand will incorporate office and conference suites plus retail and leisure units. The Stadium is available for use by the adjoining UTC and Oasis Academy as well as local community groups and football clubs.

Scarborough plans to follow that with the start of construction within the next 6-9 months on a business incubator/enterprise centre building, providing flexible and managed workspace for organisations in the health and wellbeing sectors. It is also working with stakeholders at the Sheffield Olympic Legacy Park to explore a number of opportunities for additional development for larger corporate occupiers in the sector.

Scarborough is also intending this year to present its masterplan for a much larger area of the Sheffield Olympic Legacy Park, ready to deliver a diverse offering of space to the market as the project gathers momentum.

Overall the ‘Phase 1’ Masterplan Area will address 20 acres of development land, within a wider zone of 80 acres adjacent to existing buildings such as the English Institute of Sport in Sheffield and create up to 750,000 sq ft of business space and associated pubic realm. The buildings will offer space for a wide range of companies from SMEs to large corporations and institutions, to maximise the potential for business growth through collaboration and shared resources.

Sheffield Digital Campus

At the Sheffield DC development opposite Sheffield’s main railway station and adjacent to the Sheffield Interchange bus station, Scarborough with its development partner, Singapore-listed Metro Holdings, is aiming to start construction in the summer of the fourth and final building. Called Vidrio, the building will provide more than 62,000 sq ft of Grade A office space ready for occupation at the end of 2021.

The high-quality office buildings already successfully completed at Sheffield DC – Electric Works, Ventana House and Acero – provide over 180,000 sq ft of office accommodation. These buildings have established a new prime office quarter for the City with unequalled transport connections and sit at the heart of the forthcoming Development Framework for the Sheaf Valley and Midland Station area. Scarborough shares with the City’s key stakeholders, high aspirations for the future growth and development of this area.

Bramall Lane

Alongside Sheffield United’s historic Bramall Lane Stadium, Scarborough continues its blueprint for redeveloping, upgrading or extending its owned properties shortly looking to submit for planning approval a mixed-use project at Chaucer Yard fronting John Street and Countess Road. Its two other properties at Boundary Corner (located at the junction of Shoreham Street/Cherry Street) and Cutlers Corner (positioned at John Street /Shoreham Street) already have planning consents in place for the development of modern apartments and ground floor retail space. Discussions are ongoing with Sheffield City Council to increase the density of both these sites.

Agreement in principle was reached in January for Sheffield United FC (under the ownership of HRH Prince Abdullah bin Mosaad bin Abdulaziz al Saud) to acquire from Scarborough the freehold of the Bramall Lane Stadium together with its interests in the four star Copthorne Hotel and the Enterprise Centre along with the 20 acre Academy and First Team Training Centre at Shirecliffe as well as the Junior Development Centre at Crookes and other properties.

Although it was expected that formal contracts – the detailed contents of which had been settled – would have been exchanged with completion to occur prior to 31 March this year and thereafter extended to the end of April, until Prince Abdullah withdrew his offer earlier this month.

However, both Scarborough and Sheffield United FC (under the ownership of Prince Abdullah) have to comply with the terms of the High Court judgement whereby the five properties will now have the individual prices determined by Arbitration with thereafter completion of the transaction taking place on or before the 1 July 2020, in line with the timetable set by the High Court.

Northern Powerhouse

In addition to its activities in Sheffield, Scarborough remains a major developer in the Northern Powerhouse region.

In Leeds, with its partner Legal & General Capital, Scarborough is progressing the Thorpe Park Leeds project where it has developed and opened The Springs shopping centre and is in the process of developing up to 800,000 sq ft of additional office space with a 113-acre public park with sports facilities. It is also working with Leeds City Council on additional transport infrastructure as the major expansion of the City to the east gathers pace.

In Manchester, Scarborough is developing the 25-acre Middlewood Locks which is now a vibrant waterside neighbourhood. When completed, it will provide 2,215 new homes and 900,000 sq ft of commercial space, including offices, hotel, shops, restaurants, a convenience store and gym.

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