CTP St James sells car park at St Paul's Place

Developers CTP St James have sold the 520-space multi-storey car park at St Paul's Place in Sheffield to private investor Hanson Capital for £21.55m.The car park is a crucial part of Sheffield's acclaimed £130m mixed-use Heart of the City project. Construction is well under way and is scheduled to be completed by July 2008.

The car park will be managed by Q Parks. Its basement, which comprises a 22,250 sq ft casino, pre-let to Stanley Casinos, and a 7,500 sq ft retail/leisure unit, is also included in the sale.

Robert Firth, director of CTP St James, commented: "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. Sheffield is now challenging Leeds hard for the title of Yorkshire's finest city."

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/retail accommodation; luxury apartments; the 520-space car park; the creation of Millennium Square; and a new four-star Mercure Hotel.

Standard Life bought 1 St Paul's Place, pre-let to law firm DLA Piper, for £22.8 million two years ago and 2 St Paul's Place in Sheffield, a 70,000 sq ft state-of-the-art office block, to Standard Life for £26.6 million earlier this year.

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,

Mark Rawstron, Investment Partner of GVA Grimley, commented: "Despite the current credit crunch and lack of investor confidence, there are still sensible deals to be done between reputable parties with proven track records".