Sheffield Council have cut their ties with property developer Hammerson after it could not commit to a start date for construction of the £400m project, according to The Sheffield Star.
The long awaited Sevenstone scheme to create new shops between The Moor and Barker‘s Pool, including a flagship new John Lewis, will now go to another developer as the council seeks to find a partner.
Sevenstone has been on hold since 2009 and the current proposals are a scaled-down version of the original plans, which were to cost £600 million.
Councillor Leigh Bramall, Sheffield Council cabinet member for business, skills and development, commented: “We have been working extremely hard with Hammerson and John Lewis to redesign, market test and establish the viability of a new retail quarter scheme.
“Our view is the city can‘t wait any longer.”
Bramall added that he was ‘confident‘ that a new developer would take the project on.
Jeremy Collins, property director for John Lewis, said that the firm was ‘naturally disappointed‘ and said that the firm ‘would continue to work tirelessly to provide the best possible shopping experience for our customers.‘
Hammerson today announced their like-for-like net rental income increased 2.5 per cent as new investments in France, Birmingham and Leeds have strengthened its portfolio considerably.