£26m for second office site

Standard Life paid 22.8 million two years ago for 1 St Paul’s Place, which is occupied by global law firm DLA Piper and Royal Bank of Scotland.

Now it has paid developers CTP St James 26.6 million for 2 St Paul’s Place, a 70,000 sq ft state-of-the-art office block due to be completed by July 2009.

CTP St James director Robert Firth said: “2 St Paul’s Place is a seven-floor Grade A office building, with secure car parking in the basement and restaurants on the ground floor. It will provide much-needed quality office space in the centre of Sheffield.

“There has been huge interest in the building. 15,000 sq ft of offices are already under offer and we are in discussions over the remainder. Meanwhile all three restaurant units are also under offer.”

The complete development will comprise three Grade A office buildings, providing 200,000 sq ft of accommodation with secure car parking; up to 135,000 sq ft of bars, restaurants and retail accommodation; luxury apartments; a 520-space multi-storey car park; a new Millennium Square; and the existing Mercure St Paul's Hotel.

Henrie Westlake of the Leeds office of property consultants Knight Frank, who dealt with the sale, said: “This demonstrates the strength of the Sheffield office market and is a ringing endorsement of the award-winning Heart of the City development.”