TIF-enabled building gets planning permission

Fri 27th September 2013, 8:49 am

Sheffield City Council has given planning permission for a building set to be underwritten by expected TIF receipts.

St Paul's Place: impression of how TIF building would look

Sheffield City Council has approved plans for a £20 million, 10-storey office block of 7,020sq m with two ground floor retail or office units and car parking on land at Charles Street, Arundel Gate and Norfolk Street.

As SocInvest reported last month, the council is planning to borrow against future business rates to underwrite the construction of the 3 St Paul’s Place office scheme if developer CTP can’t sell it on the private market within one year.

Leigh Bramall, cabinet member for business, skills and evelopment at the council, said: “Our city centre is a key driver of the city region’s economy, but in the last five years development of new offices has virtually stopped. To move forward on such an important project for the city is great news.”

In addition to the TIF guarantee, the council has been working with CTP on a European Regional Development Fund grant, the outcome of which is due this autumn.

If this bid is successful, enabling works for construction of the building will begin as early as December this year and complete in 2015.

David Topham, director CTP, said: “We are confident that the development will be very successful both in terms of lettings and the subsequent sale in the private investment market.”

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