Nottingham property firm sells retail scheme for £2.5m

A new retail development anchored by a Co-op convenience store in Irthlingborough has been sold for £2.5m by a Nottingham-based property group owned by Notts County owner Alan Hardy, after a deal brokered by commercial property agent Box Property.

Built by Paragon Property Development Company, the development includes a 10,000 sq ft space let to Central England Co-operative for a food store and funeral home which opened in November last year.

The development also includes a fish and chip shop.

The site was purchased in 2014 by Paragon Property and despite having a planning consent for a 40,000 sq ft Morrisons superstore, the site had remained vacant since 2007 when the former shoe factory was destroyed in a fire.

Now, Paragon Property Development Company has sold the scheme to the Bassi Property Group for £2.5m, with Box Property advising.

Alan Hardy of Paragon Property Development Company, said: “It’s great to see an old dilapidated site in Irthlingborough transformed into a well-used development. Under new ownership, the Church Street Co-op will serve Irthlingborough residents well and with a 15-year lease, it will become a fixture for convenience shopping in the community.”

Ben Tebbutt of Box Property, said: “This is a significant investment transaction in the current market and we are pleased to have been involved to secure a fantastic deal for our client Paragon Property.

“The site is in a prime central location within the town with an abundance of accessible parking and under its new owner – Bassi Group – the already much-used Co-op store will continue to serve the local community well into the future.”

David Finlay of JLL, acted on behalf of the purchaser.