Another property is set to fall empty in Sheffield - but the council could throw it a lifeline
A landmark heritage building in Sheffield city centre will fall empty in under two weeks - but it could be thrown a lifeline by the city council.
Yorkshire Bank Chambers on Fargate will be vacated by October 14 and there is no replacement tenant.
It is set to create another disused property on a premium shopping street which is ‘the worst it’s been’ after coronavirus accelerated its decline. More than a quarter of its 40 units are empty.
Coun Mazher Iqbal, cabinet member for business and investment at Sheffield City Council, said they could step in - if a £15m bid to government is successful.
He said: “It is hoped the Government will grant Sheffield money through the Future High Streets Fund, which would mean that a building such as Yorkshire Bank could benefit through repurposing for alternative uses.”
Staff are moving into the Virgin Money premises opposite following the two banks’ merger.
The upper two floors have been marketed by Lambert Smith Hampton for two years without success.
The ground, first and lower ground floors are leased by Virgin Money until 2035 from a firm called Fargate Investments LLP, based in London.
VM is trying to find a tenant to avoid the costs of buying its way out of the contract.
It has been marketed by Baker Proudlove since August.
Director Gary Crompton said he’d had three or four enquiries from retail and hospitality firms. But he acknowledged it was likely to remain empty for the rest of this year.
And the market was difficult. Banks were closing branches in droves and shops, bars and restaurants have been hammered by the pandemic.
He added: “It’s the worst market we have ever seen. And high street property wasn’t exactly flavour of the month before all this. But I think next year we’ll get some movement. I expect Sheffield to bounce back.”
The upper floors could be converted into flats. The ground floor could become a restaurant, but there were a lot on the market already fitted out and could open with minimal expenditure, he added.
Sheffield hopes to hear ‘from autumn’ whether its £15m Future High Streets Fund bid has been successful.