Plans for new £35m office development revealed
The developer which has played it part in transforming an area of Sheffield City Centre is seeking permission to build a further £35m new office scheme to keep up with demand.
CTP have started the pre-application process to develop a new office – 4 St Paul’s – on the corner of Pinstone Street and Union Street; adding to the recently completed 3 St Paul’s development by the developer .
It seeks to provide around 100,000 sq ft of office space across 7 or 8 floors. Indicative plans are being worked through with a view to submitting a planning application later this year.
David Topham, chief executive of CTP, spoke to TheBusinessDesk.com about the plans. He said that there were many office refurbishments taking place in Sheffield currently but little in the development pipeline for new stock. He added: “This means the city is going to have a gap in the provision of new, high quality space which is more efficient and more cost effective in terms of lower carbon outputs.”
“We are optimistic about the office market in Sheffield, there is both opportunity and the desire. Post Brexit, occupiers went through a lull but businesses have got used to that new normal now.
“There has been a spring in the step of occupiers. Businesses are taking the opportunity to get new space and re-boot.”
Topham said a move to the new offices in the St Paul’s development allowed existing Sheffield businesses to move into a transformed space next to the Peace Gardens, but also played its part in attracting inward investment into the city.
“St Paul’s builds on the fabulous work the council was doing when we first got involved. The public realm and culture – the Winter Gardens, Peace Gardens and station re-development – they have all been a catalyst. Why would occupiers not want to locate adjacent to those fabulous improvements?
“We have always liked Sheffield, I really like the people there. It’s a different kind of city because of its size,” he added.
Topham said the firm would be investing in Sheffield for many years to come and will look to submit plans for a new PRS scheme in Porterbrook in the next couple of years.
Topham said it was an increasingly competitive market in terms of rental yields and the combination of HS2/HS3 and schemes such at the Advanced Manufacturing Park were playing a part in the driving the success of the area. Office take-up in Sheffield has increased this year as a result.
“Those key infrastructure projects are making business consolidate and re-position, both regionally and nationally.”
David Topham is speaking at a Property Lunch in Sheffield in September. Tickets are available to book now.
