One of the first Homebase stores sold off as part of its CVA has been announced, with the new owners poised to convert it into a retirement living scheme.
Legal & General has acquired the Homebase store in Bath from British Land in what it thought to be one of the first sales by a landlord since the DIY retailer launched its CVA scheme in August, according to Property Week.
Homebase listed the 68,134sq ft store, situated in Pines Way, among the category two leases in its CVA.
This meant it would stay open but rents would drop by 25 per cent.
British Land reportedly sold the Bath site for £13.5 million and it’s thought it would remain open for another 12 months before the site is converted to a retirement scheme, pending planning approval.
The property giant had 12 Homebase stores in its portfolio, and six of them are affected by the CVA.
Property Week reported that British Land was not openly marketing any its the other Homebase sites which are affected by the retailer’s CVA.