Urban Splash's £50+ million transformation of Sheffield's beloved Cole Brothers building represents more than architectural preservation. It signals a pivotal moment for local business growth, promising to create hundreds of jobs whilst catalysing further investment across Sheffield's city centre.
The Grade II-listed former department store, empty since John Lewis closed in 2021, will become a vibrant mixed-use destination by 2026. This regeneration project positions Sheffield as a serious contender in the Northern Powerhouse economy.
Sheffield's city centre transformation is delivering measurable results. The recently completed £470 million Heart of the City project has already generated 7,000 direct and indirect jobs by 2024, exceeding initial projections.
This success creates a compelling foundation for the Cole Brothers development. Early indicators suggest strong market confidence, with Urban Splash appointing three specialist property agents to secure tenants before construction completion.
Key Economic Indicators:
Urban Splash plans to transform Cole Brothers' ground floor into a bustling retail and hospitality hub. This mirrors successful Heart of the City developments, where venues like Cambridge Street Collective food hall and BOX sports bar have become instant success stories.
The ground floor will feature:
Sheffield's growing business sector demands quality office space. Cole Brothers' upper floors will provide 50,000+ square feet of flexible workspace, targeting the city's expanding professional services sector.
Recent successes include global firm Turner & Townsend relocating to the Heart of the City's Elshaw House, citing Sheffield's "vibrant and transformed city centre" as a key factor.
Cole Brothers sits at the strategic intersection of Barker's Pool and Cambridge Street. This prime location benefits from natural footfall between Sheffield's key shopping areas: Fargate, The Moor, and the Heart of the City development.
Conservative estimates suggest the regenerated building could attract 2 million+ annual visitors, creating substantial opportunities for surrounding businesses.
The development will directly create approximately 500 permanent jobs across retail, hospitality, and office sectors. However, the multiplier effect suggests each direct job creates 1.4 indirect opportunities in the local economy.
Employment Impact Breakdown:
Urban Splash prioritises local suppliers wherever possible. Sheffield businesses can expect opportunities across:
Cole Brothers benefits from Sheffield's improving transport infrastructure. The £21 million Connecting Sheffield: City Centre project will enhance bus reliability and create dedicated cycling routes, improving accessibility for both customers and employees.
Journey times to London will reduce to 87 minutes once rail upgrades are complete, positioning Sheffield as an attractive alternative to more expensive southern cities.
The building sits within 200 metres of proven commercial successes:
Cole Brothers will complement rather than compete with existing developments. Urban Splash specifically designed the project to "expand on the success" of surrounding regeneration, creating a unified business district.
Urban Splash's 30-year track record includes award-winning regeneration projects across Northern England. Their involvement signals a serious long-term commitment to Sheffield's growth.
The company's previous Sheffield success at Park Hill (800+ homes, multiple amenities) demonstrates its ability to deliver complex heritage projects profitably.
Sheffield's commercial property market shows strong fundamentals:
Sheffield benefits from multiple funding streams:
Sheffield's regeneration favours independent retailers over chain stores. Recent successes include:
Cole Brothers' flexible ground floor spaces suit independent operators seeking affordable city centre locations.
Sheffield's business services sector is expanding rapidly. Major firms relocating to the city centre include Turner & Townsend, DLA Piper, and Barclays (downsizing but staying central).
The Cole Brothers' office space targets:
Post-pandemic consumers prioritise experiences over possessions. Cole Brothers' cultural and event spaces align with this trend.
Sheffield's hospitality sector is thriving:
Grade II listing provides protection against future demolition whilst qualifying for heritage grants and tax incentives. This reduces long-term investment risk for tenants.
Urban Splash typically develops buildings in phases, allowing market testing and refinement. This reduces overall project risk whilst maintaining flexibility.
Public consultation in October 2024 showed strong community backing for the proposals. Local support reduces planning risks and creates positive PR for incoming businesses.
Local businesses should engage now to maximise opportunities:
Immediate Actions:
Medium-term Planning:
The Cole Brothers' regeneration represents more than building restoration. It's the final piece in Sheffield's city centre renaissance, creating a connected ecosystem of business, retail, hospitality, and cultural activity.
For local businesses, the development offers multiple growth pathways: direct tenancy opportunities, increased customer footfall, supply chain contracts, and employment prospects. The surrounding success of the Heart of the City project provides compelling evidence that Sheffield's regeneration delivers genuine economic impact.
The opportunity window is narrow. Early engagement with the development process allows businesses to secure optimal positions before competition intensifies. Sheffield's transformation from industrial past to service-oriented future is happening now – Cole Brothers is the catalyst that completes this evolution.