colloco founder Tim Bottrill asks if the arrival of No 1 Charter Square could be a ‘game changer’.
Anyone who has driven through Sheffield city centre over the last six months will have noticed the eye-catching development going up on the site around what used to be the Grosvenor Hotel.
No.1 Grosvenor House is not only one of the largest office developments in Sheffield but we also expect it to be the best, kickstarting Sheffield’s drive to attract big business to the city. HSBC are already on board and start their fit out this month, but there is still 26,000 sq ft of prime Grade A office space to let, which colloco, alongside Cushman & Wakefield, start marketing this month.
It marks the start of Heart of the City II, a £500 million, council-led scheme that will provide new shops, hotels and public spaces, alongside the office space. Two further developments on Pinstone Street, currently known as Laycock House and the Pepper Pot, are currently in for planning and construction on those will start later this year.
This Grade A work space offers some the highest quality architectural design in England, with spectacular panoramic views across the city and best-in-class specifications, so employees are in for an absolute treat. Plus they’ll be just a heartbeat away from all the new developments on The Moor, including the excellent Light Cinema complex.
Not only that, but No. 1 Charter Square will go some way to elevating the shortage of supply at the top end of the commercial property market. 2018 was a good year for office deals with over 360,000 sq ft of take-up, which is space for over 3,000 staff, so the indicators are positive for the building. And the truth is, any occupier looking to home over 150 staff in a Grade A environment has only one choice in Sheffield… No 1 Charter Sq.
The challenge we face now is balancing the supply with demand over the next five years. Equilibrium in the market is always difficult to achieve, particularly in a fragile market like Sheffield. So we see that as part of our job – by working with our partners and clients to deliver a steady flow of space to the market over the medium term.
There is of course still the elephant in the room – Brexit – and as things stand, we all still expect to be leaving the EU in March. The challenge is of course, how we react to it. The world will keep turning, so as a commercial property agent, we will continue to do our best and help our clients deliver world class property projects in Sheffield. It’ll be a challenge, but I think challenges bring opportunities, so we aim to see substantial growth, cementing Sheffield’s spot at the top of Yorkshire’s business sector.