Contractor appointed for landmark development at 3 St Paul's Place
30 July 2014
A construction company has been selected as the main contractor for 3 St Paul's Place in Sheffield - the first speculative office building in the city to be developed since the recession. Work has now started on site.
Belper-headquartered Bowmer & Kirkland will build the ten-storey building which is the final part of the £130m Heart of the City project.
It is going ahead following a landmark agreement between developers CTP and Development Securities with Sheffield City Council and the Department for Communities and Local Government.
3 St Paul's Place will comprise 76,000 sq ft of grade A office space with each 8,000 sq ft floor offering offices suites from 2,000 sq ft. It is rated BREEAM Excellent and will be completed and ready for occupation in November 2015.
David Topham, director of Manchester developer CTP, said: "We are delighted to be working with Bowmer & Kirkland again. They have a proven track record of completing projects on time and within budget."
CTP is developing 3 St Paul's Place in conjunction with London-based Development Securities, supported by Sheffield City Council, regeneration agency Creative Sheffield, SCR JESSICA, which was set up to support infrastructure and real estate investment opportunities across the region, and the European Regional Development Fund (ERDF), managed by the Department for Communities.
Topham added: "Funding has been secured to deliver the building via a combination of an ERDF grant, senior debt funding from Barclays and a £3.75m mezzanine debt facility from the SCR JESSICA Fund.
"3 St Paul's Place is the final jigsaw in the tremendously successful Heart of the City project. Of course there is an element of risk in any speculative development, but we are extremely confident that the quality of 3 St Paul’s Place, combined with its location, will ensure that occupiers for the building are swiftly found. Interest has been exceptionally strong already."
Steve Chambers, Bowmer & Kirkland regional director, said: "Having constructed Office 2 and St. Paul's hotel we feel privileged to have been involved in a large proportion of the Heart of the City development.
"It is a pleasure to be working with CTP, Development Securities and Sheffield City Council again on this landmark building."
St Paul's Place is a mixed-use scheme which features the 161-bed St Paul's Mercure 4* hotel; No1 and No 2 office developments occupied by law firm DLA Piper, RBS, Barclays, Coutts, PwC and the Department of Children, Schools and Families; a 330-apartment residential tower block; the "Cheesegrater" car park, operated by Q-Park; a casino; and restaurants and cafes including Pizza Express, Piccolinos, Café Nero, Cosmo and Café Rouge.
The marketing agents for 3 St Paul's Place are the Sheffield office of Knight Frank, together with the Leeds offices of BNP Paribas and DTZ.