First Homebase store sold in CVA scheme

8318
Homebase

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.

Click here to sign up to Retail Gazette‘s free daily email newsletter

8 COMMENTS

  1. To be fair the way Homebase is being run the best thing they could do is turn all of them into old people’s homes,at least some good would come out of it.
    All the staff are demoralised,put them out of their misery

    • Spot on,I agree. Staff is always in bad form, because there isn’t enough people for all the work demand and then they have to act as a personal shopper assistant too. Crazy to shop there.

  2. Doesn’t matter how many times you polish it a turd is a turd still.Close them all down as they don’t make decent money anymore.

      • Well said Paul I don’t work for homebase but I do work in a store that is placed in one and there a amazing bunch of staff who help out when ever they can they help my team out and we help them there a great lot and we’ll get back to there old ways it just takes time Bunnings fucked them over the new owners are slowly changing them to there old ways just got to get rid of the stock Bunnings brought in 1st

  3. All you people saying it should be shut should think about the poor staff finding out two weeks before xmas after being told jobs were safe. Shame on you.

  4. Bath will suffer if this happens as people needing diy items will have to shop in other towns. Bath shops aren’t designed for locals now, closing homebase who sell basic home repair/ paint/ fixings etc will drive more people away.

LEAVE A REPLY

Please enter your comment!
Please enter your name here