Metro Bank snaps up city centre premises

Challenger bank Metro Bank has bought a 999-year lease on a Sheffield city centre property as it continues its Northern expansion plans.

Listed company London & Associated Properties has completed the sale of a 999-year lease at 58-64 Fargate Street, within the Orchard Square Shopping Centre, to Metro Bank.

London & Associated Properties stated: “The unit is currently let to River Island at £495,000 per annum and the net cash inflow from the sale is £9.5m, which will be used to pay down outstanding debt on the shopping centre.”

Earlier this year, Metro Bank selected Manchester as its first site in the North of England and announced plans to open 29 more stores in the North by 2025 – creating 750 new jobs and over 100 apprenticeships in the North. The expansion is part of Metro Bank’s efforts to inject much needed competition into the small business banking market following the £120m funding it was awarded from the Capability & Innovation Fund.

Metro Bank is the fastest-growing challenger bank for business current accounts in the UK, supporting tens of thousands of SMEs. Metro said that local professionals would benefit from Local Business Managers ready to help them run and grow their businesses, as well as having free access to the Forum of Private Business’ wealth of bespoke resources and free use of the store’s meeting space.

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