John Lewis to pay Sheffield council £5m for store closure
John Lewis has agreed to pay £5 million to Sheffield City Council for closing its department store in the city centre just months into its new 20-year lease.
The news marks the latest development in events between John Lewis and Sheffield City Council over its lease and the city centre's regeneration plans.
The retailer surrendered its old lease for the building to the city council for £3m in 2020 and was granted a new 20-year term at a lower rent and an agreement on the refurbishment of the building in return.
According to the council report, the deal would grant the city council full ownership of the building "with no cost impact to the city" and that the money would go towards a planned redevelopment of the site.
Mazher Iqbal, Executive Member for City Futures, Development, Culture and Regeneration, at Sheffield City Council, said: "We now have full ownership of the Barker’s Pool building and site, and importantly, its future is now in the hands of Sheffield. It is an anchor site within the Heart of the City masterplan."
"In the new year we’ll be launching a consultation to find out what the people of Sheffield think about the future of this important site in the city centre and what they’d like to see."