Member Article

Green light for first speculative offices built in Sheffield since recession

The first speculative office building in Sheffield since the recession is set to go ahead following a landmark agreement between developers CTP and Development Securities with Sheffield City Council and the Department for Communities and Local Government.

The agreement gives the green light to 3 St Paul’s Place, the final part of the pioneering development in the heart of Sheffield. Work will start on site in late Spring.

The 10-storey 3 St Paul’s Place will comprise 80,000 sq ft of prime Grade A office space and completes the award-winning £180 million Heart of the City project. Each 8,000 sq ft floor offers office suites from 2,000 sq ft.

CTP are developing 3 St Paul’s Place in conjunction with London-based Development Securities, supported by Sheffield City Council, regeneration agency Creative Sheffield, SCR JESSICA, which was set up to support infrastructure and real estate investment opportunities across the region, and the European Regional Development Fund (ERDF), managed by the Department for Communities and Local Government.

David Topham, director of Manchester-based CTP, said: “The signing of the agreement with Sheffield City Council by ourselves and Development Securities is tremendous news and a great example of a successful partnership between the private and public sectors.

“Of course there is an element of risk in any speculative development, but we are extremely confident that the quality of 3 St Paul’s Place, combined with its location, will ensure that occupiers for the building are swiftly found.

“The overall development has created a new central business district for the city centre and has set a high benchmark as to the quality of the workplace provided, the architecture of the building and surrounding areas.”

Councillor Julie Dore, Leader of Sheffield City Council said: “This scheme shows just how innovative Sheffield can be. This will be the most sought-after office block in Sheffield, completing the £130 million Heart of the City project.

“Accommodating over 700 jobs, we firmly believe that 3 St Paul’s Place will help existing businesses who are crying out for good quality new offices in the heart of the city, as well as potentially attracting new businesses to Sheffield.

The marketing agents for 3 St Paul’s Place are the Sheffield office of Knight Frank, together with the Leeds offices of BNP Parabas and DTZ.

Peter Whiteley of Knight Frank commented: “3 St Pauls Place will deliver much-needed prime Grade A office space within Sheffield’s city centre core.

“We are very proud to be part the team on this successful development which has helped regenerate this area within the heart of the city.”

Richard Dunhill of BNP Parabas said: “St Paul’s Place is a top quality development within Sheffield’s city core. The Sheffield and Leeds offices of BNP Paribas are very excited at the prospect of being involved in this fabulous piece of Grade A space.’’

Tim Cameron-Jones, Head of DTZ North commented: “The innovative agreement between Sheffield City Council and CTP will facilitate the first speculative scheme in the region for many years. This will give the city a competitive advantage in securing new occupiers who will be attracted to this prestigious scheme. “

This was posted in Bdaily's Members' News section by Clare Burnett .