Fargate: Developer Woodhead Investments sells Next plot after five years declaring it a "sad news story"

A developer has sold a plot of land on a premium Sheffield street after five years and declared it a "sad news story for us".

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Woodhead Investments has been involved in the site of the former Next store on Fargate for five years, aiming to redevelop it as a likely restaurant and bar.

But it was hit by the pandemic, a building firm going bust and structural problems that led to the building being razed.

The firm was granted planning permission for a two-storey building last year and was inviting offers from operators when a local company made a bid for the land that was "too good to be true," according to boss David Woodhead.

The deal completed last week.

Mr Woodhead said they had made a loss, partly due to buying the site in the 2000s when property values in the city centre were three times what they are today.

He added: "We received a bid out of the blue from a local company which was too good to be true. I’m told they have great ideas. But it’s been a sad news story for us."

Once Sheffield's premium shopping street, Fargate is shifting to food, drink, leisure and culture. It is also having a multi-million pound revamp, set to complete in December.

Announcing the sale, Sheffield estate agent Paul Lancaster said it was "further evidence of optimism in the Sheffield retail and leisure market".

He added: "I’m looking forward to watching this progress further over the next 12 months."