Scarborough Group International has entered into a 50/50 joint venture agreement with Metro Holdings Limited of Singapore for the development of the next phase of Sheffield DC, Sheaf Street, in Sheffield’s city centre, adjacent to the main railway and bus stations. In addition to acquiring an equity stake in the project, Metro has also agreed to provide an initial 3-year development funding facility.
The development comprises two grade-A office buildings, Acero Works and Vidrio House. Acero will provide 80,326ft² (7,462m²) of high quality office accommodation over six floors with floor plates ranging between 11,488 and 14,694ft² (1,067 and 1,365m²). Vidrio will provide 50,900ft² (4,728m²) over eight floors with floor plates of between 5,819 and 6,558ft² (540 and 609m²). There will be on-site parking for 104 cars. The Metro funding line will finance the construction of Acero Works, which is to be developed on a speculative basis. The investment is ground-breaking, bringing Singaporean investors to the city of Sheffield to develop a speculative office building, and demonstrates the positive sentiment in Sheffield and across the Northern Powerhouse cities.
Construction of Acero Works has now commenced, with completion expected in July 2017. The completed scheme, incorporating both Acero and Vidrio will have a GDV of £40m (€51.26m) and is expected to create an estimated 1,300 new jobs.
Scarborough, working in partnership with the Homes and Communities Agency started development of Sheffield Digital Campus, providing four office buildings in 2006. The first building providing 50,000ft² (4,645m²) was pre-let to Sheffield City Council who established ‘The Electric Works’, offering flexible and high quality offices for creative, digital and media business. A second speculatively built building of 50,000ft² (4,645m²), Ventana House, was completed adjacent to the Electric Works, and was fully let between July 2010 and March 2011 to Sky, Kennedys, Michael Page, and Coal Pension Trustees.
