Sheffield shops: 'Anxiety' as tenants at vital regeneration site Leah's Yard hit by business rates hike
The boss of a historic workshop has revealed the impact of a hike in business rates on tenants - but insisted it was not the trigger for the closure of a key shop.
Tom Wolfenden, co-director of Leah’s Yard, said Mesters’ Market handed in its notice before the new business rates were known.
But the year-long wait for reassessment by the Valuation Office Agency, the “surprising” new values and backdated bills had all caused anxiety, he said.
Some tenants at the historic workshops on Cambridge Street were looking to contest the new ratings, he added.
Ian Proctor closed Mesters’ Market earlier this month after a year and a half.
It sold food, gifts and art. He had previously complained about a lack of footfall.
Mr Wolfenden told The Star: “Ian gave notice around a month before the VOA valuation was issued, so rates were not the trigger for his decision to leave, though clearly they add pressure in an already tough retail climate.
“No tenants were ever told they wouldn’t have to pay business rates. The Valuation Office Agency took over a year to assess the premises.
“When valuations were finally issued, bills were backdated, which understandably caused anxiety for affected tenants.
“What was surprising was the value they attached to them, considering they’re basic workshop style units and not high-end Meadowhall style shops.
“Some affected tenants are looking to contest the VOA ratings.”
Barks Wine Shop is set to move into the former Mesters’ Market unit in spring.
Boss Charles Cornelius opened in the complex’s smallest space nine months ago and is moving to a unit quadruple the size, Mr Wolfenden said.
He added: “That’s a big vote of confidence in the place, and exactly the kind of organic growth we want to support.
“I’m sorry to see Mesters’ Market close – they’ve been a brilliant part of the story so far, and we wish the team the very best for the future. I'll always be grateful for those who rolled the dice and joined us when we first opened.”
In a Linkedin post Mr Wolfenden said Leah’s Yard was looking for new independent retailers, in particular selling clothes, pet supplies, kitchen wares, shoes, make-up and beauty, outdoors, running, women’s hairdresser and a record shop.
Leah’s Yard opened in August 2024. It is part of the city council’s £470m Heart of the City regeneration scheme which has delivered two office blocks, shops in new and restored buildings from Pinstone Street to Barker’s Pool, a new food hall, upmarket hotel, a small park, events space, a block of flats and Leah’s Yard.