A new retail development anchored by a Co-op convenience store in Irthlingborough is set to become a long-term amenity in the town following its purchase for £2.5m by a Nottingham-based property group, with help from commercial property agent Box Property.
Built by Paragon Property Development Company, the new retail development comprises 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 following the development’s completion.
The development also includes a fish and chip shop and benefits from a prime position on the junction of Station Road, Church Street, Finedon Road and the High Street in the heart of the Irthlingborough town centre.
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.
The new Co-op store is already popular with the local residents and houses energy efficient refrigeration technologies and LED lighting to minimise environmental impact.
Box Property Consultants acted on behalf of Paragon Property Development Company to secure the sale of the retail development to Bassi Property Group for £2.5m, and the sale was completed at the end of last year. The deal reflected a yield of 5.05% with the Co-op paying an annual rent of £150,000 per annum.
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.
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.”
The Central England Co-operative, is one of the largest independent retailers in the UK with over 400 trading outlets. The Irthlingborough Co-op store will be open from 7am until 10pm Monday to Friday and from 10am until 4pm on Sundays. It will sit next to a Central England Co-operative funeral home open from 8am until 6pm Monday to Friday and from 10am until 4pm on Sundays.