Tuesday, 28th June 2016
Lord Kerslake returned to Sheffield to officially open 3 St Paul’s Place, the final part of the pioneering £130 million Heart of the City project.
Lord Kerslake, who was involved with Heart of the City project when it was first launched nearly 20 years ago, paid tribute to developers CTP and U+I for their “vision, bravery and commitment in creating an outstanding mixed-use scheme.”
3 St Paul’s Place is the first speculative office building in Sheffield to be developed since the recession.
Lord Kerslake, the former chief executive of Sheffield City Council, commented: “It gives me immense pleasure to declare this tremendous building officially open. It is a classic example of a public and private sector partnership working perfectly to create quality in the centre of the city and I would like to thank David Topham, director of CTP for his huge resilience, Yorkshire grit and determination which has helped to ensure that this development succeeded.
“It has been an emotional journey, with 3 St Paul’s Place being launched in the middle of the last recession, but it has worked. It was a great challenge at the outset, but the building is now open and. Sheffield has done well out of David Topham,” he added.
John Mothersole, the current chief executive of the city council, said: “This is the final piece in the jigsaw of the Heart of the City project. It has been achieved in very difficult times, with some brave decisions being taken. I am proud of the role that both CTP, such a good private sector partner, and my council have played.
“We all put ourselves on the line. This is a choice we made and it is what ambitious and confident councils should do. We played our part. So this is a great day, marking a milestone achievement, which adds another jewel in the crown of Sheffield city centre,” said Mr Mothersole.
More than 60 property professionals, including representatives of all the firms involved in the project, attended a special lunch party on the 7th floor of the building.
David Topham said that 3 St Paul’s Place “was now open for business”.
“It is very satisfying to open such an important development in the heart of Sheffield, especially since it was launched in testing economic times. We owe so much to everyone who has contributed to this tremendous success story.”
Simon Hesketh, U+I’s Director of Regeneration commented: “We are delighted to have reached this monumental point for St Paul’s Place, which has delivered an outstanding new scheme for Sheffield. As mixed-use regeneration specialists we are experts in unlocking urban sites bristling with potential.
“The success of St Paul’s Place and ability to weather the challenging economic climate was only made possible by the strong partnership we built with CTP and Sheffield City Council, exemplifying what can be achieved when the private and public sectors work in close collaboration,” said Mr Hesketh.
The 10-storey, state-of-the-art office development, which comprises 78,000 sq. ft. of prime Grade A office space with each 8,000 sq. ft. floor offering offices suites from 2,000 sq. ft, is now ready for immediate occupation. Headline rents are £23.50 per sq for a full floor.
The construction of 3 St Paul’s Place, which is rated as BREEAM Excellent, went ahead following a landmark agreement between developers CTP and U+I (formerly Development Securities) with Sheffield City Council, SCR JESSICA Fund and the Department for Communities and Local Government. It was built by Bowmer and Kirkland.
Andrew Antoniades, Senior Director, CBRE Capital Advisors said:" We are delighted to see SCR JESSICA fund's first investment completed, delivering the latest prime infrastructure space in the Sheffield City Region. The development of 3 St Paul’s Place will ensure that there is market leading occupational space in the centre of Sheffield. This type of investment is exactly the purpose of the fund."
The Sheffield City Region JESSICA Fund (“SCR JESSICA”) provided developers CTP with a £3.75 million mezzanine loan to part fund the development of 3 St Paul’s Place in 2014.
David Topham commented: “These were all key players in the development, whose support throughout has been invaluable. This was a genuine team effort, with everyone working towards the same goal.
“These are now exciting times for St Paul’s Place, which is an established high-quality office location in the heart of Sheffield. The building marks the revival of confidence in Sheffield city centre, and Arup, our first occupiers, are now moving in”.
“I am delighted to report that there is now strong interest in the building. The building itself is the most modern – and the greenest – in Sheffield. It is the final important piece in the jigsaw of the Heart of the City initiative, which has transformed the city centre into one of the finest in the North of England,” he added.
Arup, the global engineering consultancy, has taken 16,000 sq ft of quality office space at 3 St Paul’s Place.
St Paul’s Place is a high-quality mixed-use scheme which features the 161-bed St Paul’s Mercure 4* hotel; No1 and No 2 office developments occupied by lawyers DLA Piper, RBS, Barclays, accountants PwC, Coutts and the Department for Education; a 330-apartment residential tower block; the famous “Cheesegrater” car park, operated by Q-Park; a casino; and restaurants and cafes including Pizza Express, Piccolino, Caffé Nero, Bill’s Restaurant and Café Rouge.
The architects of 3 St Paul’s Place is Manchester-based Hodder and Partners.
The marketing agents for 3 St Paul’s Place are the Sheffield office of Knight Frank, together with BNP Paribas and Cushman & Wakefield.
Peter Whiteley of Knight Frank commented: “3 St Pauls Place delivers much-needed prime Grade A office space within Sheffield’s city centre core. We are very proud to be part the team on this successful development which has helped regenerate this area within the heart of the city.”
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