New £11mheadquarters for Passenger Transport group

South Yorkshire Passenger Transport Authority has bought an £11 million, five-storey office block in Sheffield City Centre, which will become the new headquarters for the county's Passenger Transport Executive.

By The Newsroom

Published 2nd Oct 2007, 17:30 BST

Updated 16th Oct 2007, 12:18 BST

The authority has bought the building on the former Sheffield Markets site with the backing of a 6.25 million loan from the Co-operative Bank and funds raised from selling off redundant industrial premises.

Authority director and clerk Bill Wilkinson said: “The funding package provided by The Co-operative Bank has enabled us to consolidate our financial resources and substantially update the age profile of our investments.”

The new office block will represent more than half of the authority’s property portfolio and virtually the whole of the building will be leased to South Yorkshire Passenger Transport Executive.

Property consultant Lane Walker advised the authority over the purchase and legal services were provided by the Sheffield office of Irwin Mitchell.