Sheffield’s St Paul’s Place seeks Euro funding
Joint venture CTP St James needs investment for third phase of mixed-use scheme
Article posted: 07 Oct 2010
Joint venture CTP St James is reportedly close to finalising a deal which will provide the funds it requires to proceed with the construction of phase three of its St Paul’s Place mixed-use scheme set to deliver an additional 75,000 sq ft of office space in Sheffield.
The European Regional Development Fund was approached by CTP St James to assist with phase three of the scheme and an initial allocation has been set aside with a final decision expected by the end of the year. The scheme will cost £20m and will require not only funding but also secured pre-lets in order to go ahead. The JV hopes to be on site by the summer next year.
City development company Creative Sheffield, together with CTP St James are of the opinion that despite the downturn, there is sufficient occupier demand in England’s fourth largest city to sustain a development of this size. The first two phases of St Paul’s Place are fully let to occupiers such as DLA Piper and the Royal Bank of Scotland.
St Paul’s Place is a new business quarter and a key element in the transformation of Sheffield city centre. The development has seen the creation of a new prime pitch for offices and complements this with an exciting mix of cultural, retail, residential and restaurant uses to create a new part of the city. The Grade A offices in Sheffield city centre total 200,000 sq ft and are adjacent to The Millennium Galleries and The Winter Gardens and overlook The Peace Gardens next to the Town Hall.
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Posted by Julie Tucker