Work will begin in Sheffield this July on a new £65m mixed-use development which has received significant backing from a consortium of Chinese investors.

Designed by Sheffield-based architects Hadfield Cawkwell Davidson, the New Era Square scheme was given the green light this week by city councillors, who believe the plans show that the city can offer enterprising links with the international community.

The 86,100 sq ft (8,000 sq m) development, housed between London Road and Brammal Lane, is to be based around a pedestrianised plaza offering retail units, leisure facilities, a 695-room private student residence, an open-air square for events and 2,700sq m (29,062sq ft) worth of commercial office space.

Headed by businessman Jerry Cheung, managing director of Sheffield-based developer New Era Development, the project has evolved out of original plans to create a Chinatown in the city back in 2005.

However, the six Chinese backers who have put money into the new scheme have insisted that the New Era Square plan is to have a strong focus on inclusiveness; attracting people from all walks of life and areas of society.

“New Era Square is a landmark development for the city of Sheffield that will see the area transformed into a cosmopolitan, international, multi-cultural square which is available to all,” said Cheung.

“We want the area to become a central point for the whole community – something that will bring people together.”

The scheme is expected to be completed by 2018.