Brixton Market has been sold to an “undisclosed private group of companies” for £37.3 million less than a month after Sports Direct’s bid fell through.
According to The Times, one of the key members of this group is Irish millionaire and property investor Aiden Brooks.
He is understood to be worth around €500 million (£358.74 million) and owns other retail properties across Knightsbridge and Bond Street.
The site consists of around 140 independent retailers spanning Market Row and Brixton Village, and generates around £1.2 million in rental revenue every year.
London & Associated Properties (LAP), who previously owned the south London market, saw its share jump 26 per cent following the sale.
It purchased the property in 2006 while it was in a “state of decline” and had “significant levels of voids”.
LAP will use £16 million of the sale proceeds to pay off outstanding debts.
The final sales price is over £7 million more than Sports Direct’s offer, which was rejected earlier in February as the “party did not comply with the agreed time scales”.