The Moor owners 'committed' to future of pedestrian shopping zone in Sheffield after selling assets
The new owners of a prime shopping street in Sheffield say they are still committed to redeveloping it after selling two key assets.
Bosses at NewRiver, co-owner of The Moor, say they are ‘making progress’ on plans to redevelop parts of it, ‘principally for housing’.
And they have ‘extensive plans’ to ‘enhance’ the pedestrianised shopping zone itself.
They spoke out after selling the ‘Kitkat’ car park, at the rear of The Moor Market for £9m and St Mary’s Gate Retail Park, off Eyre Street, to Lidl for an undisclosed sum.
The Moor was snapped up by NewRiver and BRAVO Strategies III in February last year.
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At the time, they said the 28-acre site ‘comprised 15 assets capable of being sold separately’.
Charles Spooner, head of capital markets at NewRiver REIT, said they wanted The Moor to remain the ‘heartbeat’ of the city centre for many years.
He added: “While we have divested of The Moor’s multi-storey car park, we expect it to remain a vital hub for visitors and businesses in Sheffield city centre.
“The transaction therefore fits with our long-term plans to own The Moor, the iconic 28-acre estate in Sheffield that NewRiver acquired with our joint venture partner, BRAVO, last year.
“As asset and development manager, NewRiver has extensive plans to enhance The Moor and further cement its reputation as Sheffield’s primary retail and leisure destination.
“The BRAVO JV also continues to make progress with its long-term plans to redevelop parts of the estate, principally for residential uses, and an update will be provided in due course.”
NewRiver and BRAVO bought The Moor for £41m - less than half the £89m asking amount - in February last year.
Previous owner Aberdeen Standard took a huge hit on the deal after buying it in 2010 and spending £120m redeveloping it.
It includes 42 shops and a Wickes store on Moore Street.