// John Lewis to pay Sheffield City Council £5m to surrender its lease obligations
// The retailer closed its store in Sheffield in August after 10 months
// The city’s council said the deal meant it had full ownership of the building
John Lewis is being forced to pay Sheffield City Council £5 million to surrender its lease obligations on the Baker’s Pool Department store.
The retailer closed its store in Sheffield in August after 10 months, but its lease on the building was set to remain until 2040.
John Lewis surrendered its old lease for the building to the council for £3 million last year and was granted a new 20-year term at a lower rent in return.
The city’s council said the deal meant it had full ownership of the building “with no cost impact to the city”.
The council also said the site will play a central role in the planned redevelopment of the city centre.
A public consultation on the building’s future use is expected to begin in early 2022.
“We now have full ownership of the Barker’s Pool building and site, and importantly, its future is now in the hands of Sheffield,” Sheffield City Council executive member, Mazher Iqbal said.
“It is an anchor site within the Heart of the City masterplan.”