South Yorkshire’s largest property investment deal completes

THE largest property investment deal in South Yorkshire for several years has been brought to completion.
 
The redevelopment of Rotherham’s disused civic site, by developer TCN UK has created a 110,000 sq ft Tesco superstore which is now being fitted out to open ahead of Christmas, paving the way for future development.
 
The £39m project includes a £4m spend on Rotherham’s public realm improvements, extensive revisions to road and utilities infrastructure and the proposed creation of 450 jobs.
 
Stephen Holme, development director of TCN UK, said: “Bringing this project to completion is a milestone in the regeneration of Rotherham’s town centre and has transformed the area positively, paving the way for renewed investment in the town.
 
“The repaving of Rotherham’s High Street and reinstatement of the town’s Hastings Clock into Effingham Square were initiatives that we took to add to the immediate environment and are complemented by the creation of a new road junction between Drummond Street and Centenary Way.”
 
Holme added that now was the time for Rotherham to capitalise on this development and show to other investors it was ready for further investment.
 
“What is crucial now is that Rotherham capitalises on this level of change. South Yorkshire has huge development potential but is not yet witnessing the levels of investment and pace of change that we are witnessing across other sites in the UK such as Bristol and Birmingham.”
 
TCN UK bought the disused Civic Site plot from Rotherham Metropolitan Borough Council in 2013 as part of their Rotherham Renaissance project in a deal brokered by the Sheffield office of Knight Frank. The project has created a vastly improved canvas for further development of the town centre.
 
The project has been funded by Osprey Equity Partners and the main contractor for the store’s construction is ISG Plc.