Wake Smith assisted long-standing clients Turner Investments in 2019’s first major step in the continued regeneration of Sheffield city centre.
Neil Salter, director and head of commercial property at Wake Smith, acted for Turners on the sale of MidCity House, a prime freehold block on Pinstone Street, Furnival Gate and Union Street.
The sale will give a new lease of life to a highly strategic site which is located just over the road from Heart of the City II on one side and the top of the revitalised Moor on the other.
Turners had secured outline planning permission for a mixed used development to include three new buildings – the first with a potential maximum height of 32-storeys to include new quality retail units on the ground floor and private rented sector (PRS) on the upper floors, a second tower of 13 floors and a third eight-storey building.
Wake Smith further assisted Turners in achieving a vacant possession strategy with the tenants so that development can start in 2020.
COREM, the purchaser, paid a substantial, undisclosed cash sum and will also act as the developer once vacant possession is gained.
Neil Salter, who is also a board member of the Sheffield Property Association, said: “Jon Vardy at Turners had done a great job in running this investment, both the retail units and developing the upper floors at MidCity House into one of the original recession-led cheap and cheerful office accommodations.
“With its excellent location and the exciting developments around, it was an attractive hold but Turners took the view that a sale to a buyer now, with the financial strength to achieve their planned re-development, would benefit the city.
“It is heartening that Sheffield City Council was able to approve the scheme within three months.”
Jonathan Vardy, director at Turner Investments, said: “As a local company, we were determined to identify the right developer to deliver this complex project and believe COREM has the necessary attributes to take it through to a successful conclusion for the city of Sheffield.
“City living will form a crucial part in the continued regeneration of the central area by providing improvements to the built environment and sustainable homes for people to live & work in the city centre.”
For further information or property advice please contact Neil Salter at [email protected] or on 0114 224 2037.
