Bath Homebase To Be Converted Into Retirement Properties

Property Week has reported that one of the first former Homebase stores sold after the company announced it was entering into a Company Voluntary Arrangement (CVA) in August 2018, is to be converted into retirement properties.

The site on which the Homebase store in Pines Way, Bath, stood was reportedly acquired by Legal & General Capital from owner British Land, in a £13.5m deal.

Homebase had listed the 68,134 sq ft store as a category two lease, which meant that it would remain open but rent would be reduced by 25%.

The store - which was due to close in November - is now expected to remain open for at least twelve months before its new owners begin the development of the retirement complex.

Of the 12 Homebase stores owned by British Land, six were impacted by the CVA announcement.  Property Week's article said that British Land was not publicly marketing any of the five Homebase sites which are also affected by the CVA.

Source : Insight DIY Team

Image : Jonny Essex / Shutterstock.com

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