Bank giant HSBC has signed a deal to become the first anchor tenant of a new £480 million retail quarter in Sheffield.

A 15-year lease has been taken out by the company on a new office building which is to be completed by Spring 2019.

The 140,000 sq ft building will include a rooftop terrace and will be located between Wellington Street, Cambridge Street, Charter Row and Furnival Gate.

Demolition work is already underway at the derelict Grosvenor House and construction is scheduled to get underway in early 2017.

The Sheffield Retail Quarter aims to create 900,000 sq ft of new shops, offices and residential space, restaurants, cafes/bars and landscaped public spaces.

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Deputy Leader of the city council, Leigh Bramall, said: "Sheffield Retail Quarter is now becoming a reality and we are delighted that we can begin to deliver our vision for a compelling mix of retail, leisure and business which meets the needs of our city now and in the future.

"HSBC is one of the largest businesses in Sheffield and its new location in the retail quarter will enable it to invest in a modern office space for employees with high quality shops, cafes and public spaces on their doorstep."

John Hackett, COO of HSBC UK, added: "Sheffield is a major centre of excellence for our IT operations and we're delighted to be confirmed as the first anchor tenant for the historic Sheffield Retail Quarter. The multi-million pound investment we're making in our new home in Sheffield will allow us to provide our colleagues with a modern office environment right in the heart of the city."

(LM/CD)