Freeths, one of the leading independent law firms in the UK, has taken 6,000 sq ft of quality office space at 3 St Paul’s Place in Sheffield city centre.
3 St Paul’s Place, developed by CTP and U+I and built by Bowmer & Kirkland, is the final part of the pioneering £130m Heart of the City project. It is the first speculative office building in Sheffield to be developed since the recession.
Freeths, who are relocating from the nearby Fountain Precinct in Sheffield, are taking the majority of the fifth floor at 3 St Paul’s Place on a 10-year-lease. The rent is £23.50 per sq ft.
David Topham, director of Manchester-based developers CTP, commented: “Freeths’ decision to relocate to 3 St Paul’s Place is a pleasing endorsement of our development. It is also extremely encouraging that a company with Freeths’ standing as a top 60 UK law firm for quality, innovation and excellence has chosen our building as their base in Sheffield.
“They join global civil engineers Arup, architects BDP and leading Swedish bank Handelsbanken at 3 St Paul’s Place, three other companies with superb reputations. We are very proud of our occupiers.
“Our decision to develop a speculative Grade A office building in Sheffield in the midst of the recession has been vindicated and we are very proud of the quality of the office space we have created. There is now strong interest in the remainder of the building and we look forward to announcing more new tenants shortly.
“These are exciting times for St Paul’s Place, which is now an established high-quality, low-occupation cost office location in the heart of Sheffield. It is the greenest, most energy-efficient and most modern office building in the city, with a BREEAM excellent rating, and it marks the revival of confidence in Sheffield city centre,” said Mr Topham.
Freeths will be relocating its 31-strong team from Fountain Precinct in the city, where it has been based for the past five years.
John May, managing partner of the firm’s Sheffield and Manchester offices, commented: “Since we moved into Fountain Precinct in 2012, we have more than doubled our staff numbers in Sheffield. We’ve simply outgrown the space.
“We chose 3 St Paul’s Place for our new offices, because it offers prime office space in the heart of Sheffield and the quality of the facilities is reflected in the high profile businesses who have already moved in. It is the perfect location for us and we are looking forward to moving in. The space we have taken also allows room for the team to grow.
“The Sheffield office of Freeths has experienced a growth of over 20% in staff hires over the past year, which has strengthened their offering and expertise in the South Yorkshire area. With 11 offices across the UK, Freeths has a presence in the majority of the main cities and has seen staff numbers increase from 683 in 2015 to a current total of 842.
“The firm has a client base ranging from local businesses and public sector organisations to national and international household names,” added Mr May.
Simon Hesketh of co-developers U+I said: “We are delighted to have been involved in delivering 3 St. Paul’s Place, a first class office development for Sheffield. The letting to Freeths underlines the quality of the building and will help to further establish it as a significant new commercial centre for the city.”
Councillor Mazher Iqbal, Cabinet Member for Business and Investment at Sheffield City Council, said: “It is great that Freeths are continuing their association with the city in this brilliant building in the heart of the city.
“This is another important milestone for 3 St Paul’s Place which is becoming a honeypot for firms in the growing Business, Professional and Financial Services sector. The attraction and retention of such jobs is an important part of our economic strategy.
“This building and others close by are setting new standards for office accommodation which has appeal to inward investors and indigenous businesses alike. Sheffield is a place that is of huge appeal to the business community and we look forward to welcoming others to the City in the months ahead.”
The construction of 3 St Paul’s Place went ahead following a landmark agreement between CTP and U+I the specialist regeneration developer and investor with Sheffield City Council and the Department for Communities and Local Government.
The 10-storey 3 St Paul’s Place comprises 78,000 sq ft of prime Grade A office space with each 8,000 sq ft floor offering office suites from 2,000 sq ft. It is rated BREEAM Excellent.
CTP and U+I are being supported by Sheffield City Council, regeneration agency Creative Sheffield; Sheffield City Region JESSICA Fund, which was set up to support infrastructure and real estate investment opportunities across the region, and the European Regional Development Fund (ERDF), managed by the Department for Communities and Local Government.
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 of Children, Schools and Families; a 330-apartment residential tower block; the famous “Cheesegrater” car park, operated by Q-Park; a casino; and restaurants and cafes including Pizza Express, Piccolinos, Café Nero, Bill’s Restaurant and Café Rouge.
The marketing agents for 3 St Paul’s Place are the Sheffield office of Knight Frank, together with the Leeds offices of BNP Paribas and Cushman & Wakefield.
Peter Whiteley of Knight Frank commented: We are delighted that another letting has been agreed at this award-winning development. Freeths is a renowned national firm and the company’s tenancy at 3 St Paul’s Place reinforces the building’s position within the market, as one of the most prestigious developments within the Sheffield City Region.
“3 St Paul’s Place really is a fantastic scheme, with a prime Heart of the City location and excellent public realm amenities on the doorstep. The quality of the occupiers already at No 3 is superb and we are confident that more lettings will follow over the coming months.”
