CITY GROWTH: Â£35m office plan as Sheffield grows up
Developers have unveiled plans for a Â£35m office building in Sheffield city centre - as demand from business soars.
4 St Paul’s Place is a 10-storey block between Pinstone and Union streets that aims to “respect the heritage” of historic buildings in the area.
Manchester-based developers CTP say there is so much demand they are happy to forge ahead with the scheme before any tenants have signed up.
Bosses have met Sheffield City Council planners and hope to submit a planning application in early autumn.
CTP chief executive David Topham said: “It is a new and exciting scheme for Sheffield. This is intended to be a new state-of-the-art office development to follow on from 3 St Paul’s Place. It’s relatively early days, but we have held a formal pre-application meeting with planners and we will be making changes. But we have support in principle.”
4 St Paul’s also meets council chiefs’ ambitions for more tall buildings in Sheffield.
Mr Topham added: “I think it is a good thing if heritage is respected. It helps Sheffield develop as a metropolitan city centre. ”
Office take-up in Sheffield reached a 10-year high last year and availability of prime office stock fell to its lowest level on record.
Demand has continued into 2018, sparking concerns over a lack of space. Law firm CMS, formerly Nabarro, is considering moving its 250 staff into the city centre.
Mr Topham said it would be at least another two years before any new offices were built.
He added: “There is going to be a gap in supply. But we absolutely believe there is the demand, we are talking with a couple of potential occupiers but that is early days.”
CTP has a ‘quasi joint venture’ with Schroders asset management company which owns the land and buildings on the site.
Occupiers include Card Factory, Perfect Home, Herbert Brown jewellers, Superdrug, Union Street cafe and Kanoo Travel and Foreign Exchange.
Funding for the project would come Schroders, Mr Topham added.
But financial help could also come from Sheffield City Council, which made a loan to 3 St Paul’s a 10-storey office on Norfolk Street.
He added: “The council is supportive of truly regenerative projects. They recognise the pipeline of office space needs to be sustained.”
CTP built the St Paul’s scheme in the city centre over the last decade. It includes blocks 1, 2 and 3, a hotel, car park and residential tower.
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