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Wednesday, June 20, 2023

Carillion Developments sells first office building at The Square, Sheffield

Acting on behalf of Carillion Developments, joint agents Jones Lang LaSalle and Crossland Otter Hunt have sold the first office building at The Square, Castlegate; a 80m mixed use development which fronts Park Square Roundabout in Sheffield. South Yorkshire Passenger Transport Authority (SYPTA) has acquired the freehold interest of Office No. 4 for an undisclosed sum.

The deal, which effectively comprised a pre-sale ahead of practical completion, follows the recent sale of the 114-bed Travelodge and the Q-Park multi-storey car park which formed Phase One of the scheme. South Yorkshire Passenger Transport Executive will occupy Office No.4, moving from its current Sheffield base on Exchange Street to take sole occupancy of the 43,000 sq ft building. Sanderson Weatherall acted for SYPTE.

Joint agent, Jeff Pearey from Jones Lang LaSalle commented: "We fought off stiff competition to conclude this deal and SYPTE?s intended occupation of Office No. 4 reinforces the attractiveness of this city centre development."

Neil McMillan, Development Director for Carillion Developments added: "The positive interest received in this sale means that we have fast-tracked our plans and will push forward with the next stage of the development, Office No 1. This will comprise a further 43,000 sq ft of high specification office space to be completed in summer 2008."

The Square represents a key element of the regeneration of the Castlegate site, which is the principal gateway to Sheffield city centre. It currently comprises a 114-bed hotel, 400-space multi-storey car park and supporting leisure and retail units and will offer 250,000 sq ft of Category 'A' office space when completed.

Joint agent, David Crossland of Crossland Otter Hunt concluded: "The Square is a prime location for businesses, offering high specification office space in a superb city centre environment. Carillion's confidence in the Sheffield market has been rewarded and we believe the next phase of the development will continue to generate significant demand."