Broxtowe Borough Council has purchased the lease of Beeston Square
Broxtowe Borough Council has purchased the leasehold interest of Beeston Square in a multi-million pound deal to help secure the future development of the town.
The Council purchased the leasehold interest from owners Henry Boot for £7.565 million following negotiations over the past few weeks with the Council’s Property Consultants and Chartered Surveyors, FHP.
“I am delighted to announce that Broxtowe Borough Council has completed purchase of the leasehold interest on The Square in Beeston from Henry Boot,” said Councillor Richard Jackson, Leader of the Council.
“This is an important step in giving the Council more direct control over this important part of the town centre and the future of development in the area. The Council is united on the purchase of The Square after it was unanimously approved by Full Council and we are excited to begin the next phase of Beeston’s redevelopment” he added.
David Hargreaves of FHP who negotiated the acquisition on behalf of Broxtowe Borough Council said: “We became aware that the owners, Henry Boot Developments, were looking to bring the long leasehold interest in the investment to the market in the summer and suggested to Broxtowe Borough Council, who own the freehold, that this would be a solid and secure investment for them, whilst at the same time providing them with control over a major part of Beeston town centre.
“Henry Boot Developments had completed the refurbishment of The Square and the Tram had opened which has resulted in a significant increase in pedestrian flow in this part of the town and so it was an opportune time to buy and Broxtowe Borough Council took an entrepreneurial view and asked us to try to buy the scheme before it hit the market, which is what we did.”
The Council will work with all the existing tenants to maintain and improve the retail, service and leisure offer in Beeston.
The Centre, which was originally built in the 1960’s and is home to tenants including Peacocks, Birds, Argos, Wilkinsons, Costa Coffee and Pure Gym, totals some 80,000 square feet of retail accommodation together with 3 Apartments.
The purchase will allow the Council to bring in significant income and have more control over the Phase 2 redevelopment of the area.