The retail industry has struggled greatly for the past few years, with consumer confidence falling steadily and inflation seeming to climb unendingly as a result of four years of recession in the UK. Trouble in the Eurozone has compounded the issue, with fewer “trade tourists” choosing to cross the Channel for a shopping break in London, Manchester or Birmingham than was seen in the years before the global financial difficulties began to take hold.
With chains such as HMV, Jessops and JJB Sports all entering administration recently it’s clear that local authorities must come up with new ways of revitalising their town centres or risk more empty commercial properties blighting their high streets.
Sheffield City Council hopes that the speedy construction of a new retail quarter is just what the city needs to attract shoppers. The commercial development, known as Sevenstone, will be built in only two years in what the Council refers to as a “big bang” development.
The scheme was originally announced in 2006 to provide a boost to retailers in Sheffield city centre. However, the economic difficulties which arose in late 2008 meant that all work on the project was postponed in 2009.
London based property developers Hammerson are understood to have agreed to the ambitious task, which would see the Sevenstone retail quarter completed by 2016.
Developments of this magnitude generally take up to four years to complete, meaning that the construction and completion of the project will literally be done in double time.
Chief executive of Sheffield City Council, John Mothersole, was keen to point out that the council and Hammerstone are still negotiating the finer details of the scheme, although he hopes that these talks will conclude in the near future so development can begin.
Nonetheless, he expressed his enthusiasm for the project and believes that the looming deadline can be met.
He says; “The aim is to have no phasing and to build the entire scheme at once – a kind of big bang.
“Work would begin next year and be finished by 2016.”
It was only possible for the council to pick up the Sevenstone project recently, as a lack of funding had made the future look bleak for the ambitious revitalisation scheme.
However, a recent Government decision means that Sheffield City Council is able to off-set the risk of running out of funding once more. Up to £30 million of future income taken from business rates will be channelled into the project, which will then be repaid gradually as the rates are collected.
No prospective tenants have yet been confirmed by the council, but it is believed that department store chain John Lewis has expressed an interest in relocating to the Sevenstone complex.
Should Sevenstone be completed in time, and tenants can quickly be found, this project could provide a huge boost to Sheffield and demonstrate to other cities that ‘big bang’ developments can succeed.
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