Investors have paid GBP 21.55 million for a car park, casino and shop unit, which is currently being built as part of the prestigious St Paul’s Place development in the heart of Sheffield.
Hanson Capital has bought the 520-space multi-storey car park, a 22,250 sq ft casino, which has been let to Stanley Casinos, and a 7,500 sq ft retail or leisure unit.
The car park is being developed by CTP St James as part of the GBP 130 million mixed-use Heart of the City project and is due for completion in July.
Robert Firth, director of CTP St James, said: “Sheffield is now challenging Leeds hard for the title of Yorkshire’s finest city. The successful sale of the multi-storey car park is resounding endorsement of the strength of Sheffield’s economy and a testament to the success of the whole St Paul’s Place development.
“The car park will provide much-needed parking space within the city centre, while the casino is destined to become an integral part Sheffield’s thriving leisure scene. Interest is very strong in the remaining 7,500 sq ft retail/leisure unit and we hope to make a positive announcement on that in due course.”
The flagship St Paul’s Place project comprises three Grade A office buildings, providing 200,000 sq ft of accommodation with secure car parking; up to 135,000 sq ft of bars, restaurants and retail accommodation; luxury apartments; the 520-space car park; the new Millennium Square; and the four-star Mercure Hotel. Standard Life bought 1 St Paul’s Place, which is let to law firm DLA Piper, for GBP 22.8 million two years ago. Earlier this year, Standard Life paid a further GBP 26.6 million for 2 St Paul’s Place, a 70,000 sq ft, state-of-the-art office block, which is currently under construction.
GVA Grimley and Knight Frank in Leeds acted for CTP St James, while Charles Matthews acted for Hanson Capital. The Leeds office of HboS, meanwhile, advised CTP St James on the sale.