NG Surveyors have acquired a Sainsbury’s Local store in the heart of Nottingham Trent University’s student district on behalf of a local investor.
The new store in Waverley Street was formerly the Vernon Arms pub and has just been converted by Marston’s PLC for an undisclosed sum.
Due to open on October 10, the Sainsbury’s Local is set to trade well and has been positively received by local people, reports NG.
The new retail site was purchased by Richard Sutton of NG for local property investor Avinash Bassi of Bassi Properties Ltd who regards it as a strategic addition to his company`s large existing property portfolio.
Richard has represented Bassi Properties Ltd. for a number of years as has Tom Redgate of Rothera Dowson solicitors who advised on the legal aspects.
Richard added: “The attractions of this investment are obvious. It is slap bang in the middle of ‘student land’ just 200m from Nottingham Trent University’s main city campus and next door to Nottingham High School.
“My clients are understandably delighted with their purchase. It represents a really solid investment in a difficult market. Opportunities such as this one are highly sought after and we’re delighted to have been successful here.”
Mr Bassi said: “The acquisition of this property has allowed my company to expand its investments into the retail sector along with its existing office blocks and industrial units.”
This is the second acquisition of its type to be completed by Richard in the past few months. Acting for another private purchaser, NG completed the purchase of the newly built Sainsbury’s Local Store on Derby Road in Nottingham in late summer.
