New Co-op sold to Nottingham investment company
Nottingham based family property company, Bassi Properties, has purchased the new build Co-operative convenience store on Lambourne Drive in Wollaton from Punch Taverns.
The investment is let to the Co-operative for an unbroken 15 year lease term with RPI index linked rent reviews.
The property is situated next to The Wollaton Pub and Kitchen, on the corner of Lambourne Drive and Wollaton Road in the affluent Nottingham suburb of Wollaton.
Will Torr, associate partner at heb who brokered the off-market transaction on behalf of Bassi Properties, said: “The standalone new build convenience store represents the Co-op’s preferred trading format and the unbroken 15 year lease term to a very strong covenant provides an excellent long term investment for Bassi Properties.
“It was a pleasure to act for Bassi Properties in sourcing this off market opportunity and the matter concluding swiftly from start to finish.”
Avinash Bassi, managing director of Bassi Properties, said: “The purchase of a brand new Co-Op in one of Nottingham’s most sought after locations will complement our ever growing extensive portfolio of commercial property. Having lived in Nottingham for more than 40 years, I am always searching for attractive investments close to home and this one ticked all the right boxes for us.”
Ian Torr, managing partner at Cleggs Solicitors acted for Bassi Properties on the deal.
He said: “This is the second investment I have advised upon in recent months for Avinash and Bassi Properties and I look forward to continuing to work with them on their expanding property portfolio.”
Assured Property Group and Weightmans advised Punch Taverns on the sale of the property.
