Exciting developments over the last 12 months have raised optimism
and a genuine belief that Sheffield is, at last, beginning the
process of recovery.
Back in February John Prescott officially launched the Sheffield
Master Plan and intended to revitalise the City Centre.
The plan concentrates on six major projects, including the
provision of an E-Campus at Sheaf Valley, which will eventually
provide up to 60000 square metres of accommodation, custom made
for high-technology, e-commerce and knowledge based businesses
with the appropriate infrastructure support. Also included is
an exciting retail quarter for the heart of the city which should
attract major retailers.
These high profile schemes will take place over a number of
years and will have a major impact on the character and prosperity
of the city.
Inward Investment
Such projects are already improving the character of the city
centre which will further encourage inward investment from the
private sector. The process of regeneration is reflected in
the local property market where the private sector identifies
Sheffield and South Yorkshire as an area of opportunity.
The office market shows strong demand for good quality modern
accommodation, with high interest having been shown in Riverside
Exchange, Navigation House and Milton House. A number of companies
are still looking for accommodation and the recent announcement
that Insight Enterprises Inc are to set up their headquarters
in the Lower Don Valley further confirms the level of demand.
Despite the extreme trading difficulties experienced by the
engineering sector and general concerns about the global economy,
Sheffield's industrial market has remained buoyant. The city's
location close to the junction of the M1 & M18 corridors, and
the availability of grant aid makes the city an attractive option.
Universities
The two universities, acknowledged as leaders in several fields,
offer tremendous potential for high technology businesses. A
partnership between the universities and the private and public
sectors has fostered a clustering initiative at the Waverley
site on the Parkway where Boeing and Corus have both been attracted.
Others could soon see the benefit and follow suit.
In the past Sheffield has suffered from a shortage of suitable
sites for inward investment, but there are now a number in the
near vicinity of the airport.
These include the former Tinsley Sidings site which is to be
developed by Helios to produce a 100 acre distribution within
five minutes of the motorway.
The various sectors of the local market remain buoyant and subject
to the ever increasing uncertainty surrounding the global economy,
there is now a genuine belief that Sheffield has, at last taken
the first steps on the road to recovery.
Source Publication:
Business in Yorkshire November 2001
