Sheffield council is on the hunt for a new partner after Hammerson pulled out of plans to develop a retail quarter in the city.
The council had been becoming increasingly impatient with the REIT after continuing delays on the £500m Sevenstone project.
The 20-acre development has been on hold since 2008 and it has been scaled down.
It was to feature as much as 860,000 sq ft of shops, including a 270,000 sq ft John Lewis department store, and 200 flats.
In its results today, Hammerson said: “The main focus of Hammerson’s strategic UK development projects will be on its major retail schemes in Leeds and London, including Croydon and Brent Cross, which in total will deliver circa 3.3m sq ft of new retail space over the coming years. This is in addition to the refurbishment programme of existing centres and retail park extensions. Consequently, Hammerson has reached mutual agreement with Sheffield city council not to progress Sevenstone, the proposed new retail quarter for Sheffield city centre.”
The council said that it was unable to wait any longer to take the Sevenstone project forward and was no committed to doing everything it can to do this, which meant seeking a new partner.
A new scheme is expected to include around 700,000 sq ft of shops, plus extensive food and entertainment venues and a multi-storey car park.
samantha.mcclary@estatesgazette.com
