"This is the second investment I have advised upon in recent months for Avinash and Bassi Properties Limited and I look forward to continuing to work with them on their expanding property portfolio."
Family property company, Bassi Properties Limited, has purchased the new build Co-operative convenience store in Lambourne Drive, 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.
Situated adjacent to the well-known pub The Wollaton on the corner of Lambourne Drive and Wollaton Road – the deal is one of many that Cleggs Solicitors has completed in Nottingham over the last few months.
Ian Torr, commercial property partner at Cleggs Solicitors, acted for Bassi Properties Limited on the transaction.
He said: “This is the second investment I have advised upon in recent months for Avinash and Bassi Properties Limited and I look forward to continuing to work with them on their expanding property portfolio.”
Will Torr, associate partner at heb who brokered the off-market transaction on behalf of Bassi Properties Limited, commented: “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.”
The new Co-operative opened in May this year and brought 15 new jobs to the area.
Avinash Bassi, managing director of Bassi Properties Limited, 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. ”
Assured Property Group and Weightmans advised Punch Taverns on the sale of the property.