10th June, 2008 BRITISH LAND AIMS TO CREATE British Land, the owners of the Meadowhall Shopping Centre, has formally submitted exciting proposals to invest millions of pounds to regenerate the land to the south and east of the Shopping Centre as a new gateway to Sheffield. The River Don District (RDD) master plan application represents the culmination of over five years of consultation with Sheffield City Council and other key stakeholders, including those who live and work in the area. British Land has worked closely with Sheffield City Council to plan and regenerate this part of the city. This culminated in the Council broadly endorsing a comprehensive Masterplan for the area in September 2007.
Commenting on the submission of this significant planning application, British Land Director Rob Samuel said: “For over five years, British Land has been working with Sheffield City Council, regional stakeholders and the local community to bring these exciting proposals forward for consideration. After a comprehensive public consultation exercise, we feel we have a master plan scheme of which Sheffield can feel rightly proud. In line with the previously agreed objectives, it is British Land’s wish to create a new ‘gateway’ project for the city.” The proposals detailed within the masterplan application make a substantial contribution towards realising the objectives of the Sheffield Economic Masterplan with the potential to deliver approximately 5,000 jobs targeted at local people with a range of skills as well as 1,000 jobs during construction, and create a new greener environment. The proposals would inject over £300 million of investment into Sheffield’s economy, would open up training opportunities for local people in cooperation with Sheffield City Council building on the success of the existing training facilities at Meadowhall (The Source) and would yield an estimated regional economic benefit of £180m per annum. British Land Director Adrian Penfold said today: “We believe our proposals for the River Don District are a crucial part of the renaissance that the City of Sheffield is experiencing. British Land is proud to be promoting plans that will create a master plan that will lay the foundation for a 21st Century gateway to the city. Our plans aim to embody Sheffield’s renewed self confidence as a centre for innovation and success , built on sound principles of sustainability.” Summary of Benefits
The RDD proposals will deliver a new employment led mixed-use sustainable community and will comply with existing and emerging local planning policy and the economic strategy for the City. The proposal will have a significant impact on transforming the image of the Lower Don Valley. This will make a significant contribution to the agenda which Creative Sheffield and the City of Sheffield are promoting. The RDD project will deliver major economic benefits, both locally and within the City Region. “From Grey… to Green” forms a central plank of British Land’s approach and aims to highlight the sustainable and green credentials that the proposal would bring to this part of the Lower Don Valley. The proposal to regenerate the area known as the River Don District will be a low carbon development minimising water use and promoting waste reduction. It will use sustainable construction methods and will have biodiversity maintained at the forefront of each phase of work. Further information on the application can be found at: www.britishland.com/riverdondistrict Ends Notes to Editors British Land is the UK’s second largest Real Estate Investment Trust with total assets, owned or under management, of £17.9 billion, as at 31 March 2008. The hallmark of the business is a focus on customers leading to a portfolio of circa 500 investment properties in prime locations around the UK and, a newer activity, in Western Europe. Active management of these assets, purchases and sales and an extensive development activity, tailor the property holdings to meet the needs of occupiers and the communities of which they are part. The portfolio, focused on the Out of Town Retail and London Office sectors, has the longest leases (average 14.7 years) and the highest occupancy rates (99 per cent) of the major UK REITs. Retail assets account for 57 per cent of the portfolio, 80 per cent of which is in prime out-of-town locations. Offices account for 41 per cent of the portfolio, of which 99 per cent is London-based. A 4.5 million sq ft office and retail led development pipeline complements these holdings. The company has recently collected three industry awards – Sustainable Developer of the Year, Retail Landlord of the Year and Developer of the Year. With sustainability at the core of its business - from community involvement in the planning process, through development, refurbishment and management - the aim is to provide attractive buildings that minimise resource use and meet the needs of occupiers today and tomorrow. Media enquiries: |
