Wraps off following Orchard Square revamp
The 125,000 sq ft central Sheffield retail pitch remains up for sale as a refurbishment programme is completed and three new arrivals confirmed.
August saw the completion of works within the square, including new and improved paving throughout, managed by ABR; the installation of awnings, managed by Deans Blinds; and the insertion of a central canopy managed by Architen to provide the destination with a dedicated and weatherproof event space.
Centre manager Shay Murray said: “The updated Square offers our tenants and customers a modern look and feel, alongside covered outdoor spaces, which will be used for city centre events and gatherings – providing even more reasons for people to visit.”
Alongside the refurbishment, Orchard Square has welcomed incoming tenants The Old Shoe bar and pizza restaurant Proove, with Game Show All-stars, from the owners of the Great Escape Rooms, due to open in September.
Retailers already established at the destination includes TK Maxx, Waterstones, the Sheffield Plate food hall, Terrace Goods and Body Shop.
Murray continued: “Following the recent lettings we have limited opportunities in the Square, which is good news for our visitors who enjoy our vibrant community in the heart of the city as a destination to eat, drink, shop, socialise, work and relax.
“This is an exciting time for the city centre generally, given various current regeneration work across Sheffield. Orchard Square is thrilled to be part of that programme – and pioneering this new era for our city.”
Orchard Square remains up for sale – Agent Savills was instructed in May this year to find a buyer, issuing a brochure naming an asking price of £16.2m.
The centre even at that point was 95% let, bringing in around £1.7m a year in rent.
LAP, which bought the centre for £15.5m in 1999, received Futures High Street Funding grant support of £650,000 to pay for the canopy, while a further £300,000 is available to convert some upper floor space to residential.
LAP’s wish to divest is driven by the expiry of a loan provided to it from QSix, which is due to reach its end point in September.
In its half-year results, issued last week, LAP said the value of the centre had been written down by £2.1m, from £14.7m to £12.6m, saying it had adopted “a prudent approach” due to being unable to confirm that sale proceeds could cover the loan.