FOR IMMEDIATE RELEASE
24 June 2019
LONDON & ASSOCIATED PROPERTIES PLC:
SALE OF LONG LEASE IN SHEFFIELD RETAIL UNIT
London & Associated Properties PLC (“LAP”) today announces that it has unconditionally exchanged contracts to sell a 999 year lease on 58-64 Fargate, the unit at the front of its Orchard Square shopping centre in Sheffield, to Metro Bank for its own occupation.
The unit is currently let to River Island at £495,000 per annum and the net cash inflow from the sale is £9.5 million, which will be used to pay down outstanding debt on the shopping centre.
LAP’s Chief Executive John Heller said: “this is one of the most prominent units in Sheffield and we are delighted that Metro Bank will be an occupier at the front of our shopping centre. Metro’s arrival gives us added confidence that Orchard Square will continue to be a successful shopping centre even at a time of great upheaval in retail generally”.
John Heller, Chief Executive, LAP. Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates Tel: 07767 444193