Work has started on a £20m office building in Sheffield city centre - the first speculative build since the recession.
3 St Paul’s Place will be 10-storeys – some 76,000sq ft of Grade A office space – and is set to open its doors in November 2015.
The block will complete the £130m Heart of the City project which includes the Mercure hotel, St Pauls No1 and No 2 blocks, a 330-apartment residential tower and the famous “Cheesegrater” car park.
The project is being funded with an ERDF grant, senior debt funding from Barclays and a £3.75 million loan from the Sheffield City Region JESSICA Fund, set up to support infrastructure and real estate investment across the region
Sheffield council leader Julie Dore said: “The city centre is a major driver of the city region’s economy. By enabling this development to proceed now, it will help complete one of the key projects in the City Centre Master Plan and help to support business growth in Sheffield.
“These are challenging economic conditions and the council has taken the initiative to make things happen.
“We firmly believe this new development will assist several businesses that want to move into good quality new offices, and could attract businesses into the city.”
CTP of Manchester is the developer and Derbyshire-based Bowmer & Kirkland is main contractor.
David Topham, director of 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.
“Of course there is an element of risk in any speculative development, but we are extremely confident occupiers are swiftly found.”
The SCR JESSICA Fund was established to underpin the region’s growth through public and private funding.