HSBC will be anchor tenant in the first phase which is a mixed-use commercial and retail scheme of more than 200,000 sq ft.

A council spokesperson said: “BAM has been selected as the main contractor for the first phase of the Sheffield Retail Quarter, which includes a new city centre location for HSBC and associated retail and business units, and is currently appointed under a pre-construction services agreement.

“HSBC has signed as the anchor tenant on a 15-year lease which commits a vitally important employer to the city centre.

“Main construction activity is due to start shortly  with completion of the building and new public realm is due in the first half of 2019.”

BAM Construction Director Kelvin Pollard said: “This is Sheffield’s most significant construction scheme, and our track record in the City is already second to none, so BAM is thrilled to be working on something that affects the lives of so many people here.

“It’s a demanding and complex scheme, requiring a  well-developed suite of skills and expertise, and a modern approach to technology and collaboration.

“That is our reputation in a nutshell. We’re already on site and are excited by the challenge of making it happen.”