Sheffield Council loses last-minute bid for Fargate site next to Event Central

The plan was to use the building as part of city centre regeneration plans but the council was out-bid.

The council did not confirm which building it was but officers said the auction date was May 17 and it was next door to Event Central. The property 28 Fargate – which auctioneers said is let to Lush until September 2028 – matches this description by officers.

It was sold for £501,000 that day according to Allsop property consultancy, just £1,000 higher than what the council budgeted for.

Officers presented a report on the auction at a finance committee meeting this week, saying the decision to go for the site was made by officers under urgency provisions.

Tammy Whitaker, head of regeneration and property, said: “We found out about this auction a week before it came to auction and because of the timing of the election it wasn’t possible to organise an emergency sub committee (for councillors to decide).”

In a report officers said their estimated maximum bid was £500,000 and if successful, the total estimated cost would have been £532,000 including legal and professional fees (£15,000) and auction costs (£2,500).

Officers said winning the bid would have increased the authority’s ownership in the area and boosted plans for regenerating the city centre.

Event Central

The six-storey site at 20-26 Fargate, formerly Clintons card shop, is being revamped and turned into a live music venue with a cafe, co-working offices, workshops and exhibition space using £15.8 million allocated to the city by the government’s Future High Streets fund.

It is expected to attract more than 11,000 visitors a year when open.

There was concern about the pace of the project – which has a government deadline of 2024 – as the council battles with soaring inflation.