A South Yorkshire city has been promised at least 400 news jobs and stronger links with Asia if planners give the go-ahead for a £65m Chinese-backed business incubator scheme.
The New Era Square project has already attracted backing from a consortium of six investors from mainland China. If approved — for a site between Sheffield’s Bramall Lane and London Road — construction will start early next year and be finished by the summer of 2016.
Although the 20-storey building will also contain an exhibition hall, accommodation for 700 students and ground floor retail units its core feature will be offices and workshops let to businesses hoping to break into the Chinese market or providing Asian enterprises with a way into the UK market.
“The investors from China are key business individuals and are very keen to promote and showcase the incubator facility,” explained Jerry Cheung, managing director of New Era Development. “This will offer a fantastic opportunity for any business looking to break into the Chinese market, but it will only work if the city pulls together.
“We are enthusiastic about it but we can’t make it work by ourselves. We can initiate it and use our contacts in China but importantly the business sector, private sector, and universities need to come together to work in a cohesive manner,” he added. “The reward could be massive not only for Sheffield but the region as a whole.”
Cheung admitted the project was first mooted almost ten years ago. It was only in the last 18 months that his company began selecting and buying the land and preparing the planning application. “We have liaised closely with Sheffield Chamber of Commerce, the city council, the Local Enterprise Partnership and Sheffield United Football Club on the proposals, plus many local businesses,” he said.
One of the scheme’s staunchest advocates is city council leader, Julie Dore. “The New Era Square project is an exciting step forward for Sheffield and will bring with it a number of benefits,” she said. “Investment such as this is vital to keep the local and regional economy robust and this will be a fantastic opportunity to boost our international trade and investment links with China.
“This multi-use development will create a modern cultural hub that will be a significant landmark for the city and I am very much looking forward to seeing the project come to life over the coming months.”
Designed by local architects, Hadfield Cawkwell Davidson, the scheme’s overseas consortium has also received guidance from the consulate general of the people’s republic of China in Manchester.
Covering industries such as pharmaceuticals, engineering and information technology one of the mainland investors is JianFei Qin. “We are constantly looking for good investment opportunities and New Era Square is the first step of investment in the UK,” he said. “As investors, we hope to create trusting relationships here and, if this venture is successful, we will consider investing more in South Yorkshire.”
