Member Article

£3.75 million funding for Sheffield St. Paul’s Place development

The Sheffield City Region JESSICA Fund has given a £3.75 million mezzanine loan to part fund the development of 3 St Paul’s Place.

The loan was given to CTP Wakefield Limited, the urban regeneration specialists, part owned by Development Securities PLC who are controlling the development.

The loan will support the delivery of the first speculative office building to be developed in Sheffield since the recession. The 10-storey 3 St Paul’s Place, the final part of the pioneering £130 million Heart of the City project, comprises 80,000 sq ft of Grade A office space in Sheffield’s Central Business District.

Andrew Antoniades, Director of CBRE Capital Advisors, the Fund’s investment advisor, commented: “This marks an important moment in the funding of regional developments, where schemes that are crucial to the local economy can be realized. CTP’s new, strategic development fits the investment criteria of the loan perfectly.

“It will provide much needed Grade A office space in the Sheffield Central Business District and will make a significant contribution to the success of the Sheffield City Region economy.

“We are delighted to have been able to originate and structure this £3.75 million mezzanine loan on behalf of SCR JESSICA.”

James Newman, Chairman of the Sheffield City Region Local Enterprise Partnership (LEP), added:

“3 St Paul’s Place marks an important step in the continuing transformation of Sheffield City Centre and its development as a key hub for UK businesses. This investment addresses a key part of our strategy, which highlights the need for more top quality office space to attract and grow the business and professional service sector.

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