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”.
Ends.
Contact:
John Heller, Chief Executive,
LAP.
Tel: 020 7415 5000
Baron Phillips, Baron Phillips
Associates
Tel: 07767 444193