£7.8m loan will give Sheffield a major offices boost

Steel City House, Sheffield.
Steel City House, Sheffield.
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Two well-known Sheffield buildings are set for refurbishments after £7.7 million of loan deals were secured by Sheffield Council.

Grade-II listed Steel City House on West Street, in the city centre will be refurbished and have an extra floor added, creating 63,561 sq ft of office space, after a £5m loan was secured from the Sheffield City Region Jessica Fund.

The other loan of £2.78m is being handed to developers Citu to redevelop two derelict buildings in Kelham Island.

The cash will allow Citu to refurbish a 20,500 sq ft mill known as Eagle Works and convert it to office space.

Nearby Green Lane Works will also be refurbished, creating another 9,150 sq ft of office space. Both will be ‘designed for small and medium businesses in the developing creative and digital sector’.

The Jessica Fund is a pot of loan money made up from the European Regional Development Fund and the Government’s Growing Places scheme, which invests in infrastructure which will create jobs and growth.

The fund has also received its first repayment of £2.7m from Harworth Estates, which had been used for the Advanced Manufacturing Park in Rotherham.

The cash will be reinvested in future developments in the area.

William Church, director of CBRE Capital Advisors, the fund’s investment adviser, said: “The aim of the fund is to give developers the opportunity to secure much needed finance for strategic sites that will make a significant contribution to the success of the Sheffield City Region.

“Both these developments fit the investment criteria we set out for the Fund perfectly.

“They are projects that can promote sustainable employment, rejuvenate areas and create new opportunities for communities across the region.”