Innes England secures sale ahead of new supermarket

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A LEICESTER building has been sold in Abbey Lane, paving the way for a major regeneration project in the city.

The sale of 33 Abbey Lane means the wider site can now be assembled ready for a new Asda food store.

This development has already been approved by the city’s planners and will add momentum to the council’s much-anticipated science park after councillors gave their backing to a multi-million pound retail scheme last year. A new innovation centre is already under construction adjacent to the National Space Centre.

Commercial property consultancy Innes England acted on behalf of the owner Derwent Southern (Holdings) Ltd in the sale of the 26,000 sq ft industrial building.

Peter Doleman, director of Innes England’s Leicester office, said: “We entered into discussions with the developers, SDC Securities (Leicester) Ltd some time ago. The building was occupied by tenant BlueSunTree so our first priority was to work closely with them to find suitable alternative accommodation. We achieved this with larger and better quality premises at Interchange in Birstall, which also allows for the company’s future growth plans. This then left the building vacant and ripe for redevelopment. I’m delighted that we have been able to achieve a satisfactory outcome for both the tenant and the landowner.

“The property in Abbey Lane is situated in an area which is regarded as one of Leicester’s flagship regeneration areas so it’s rewarding to see the plans taking shape as it will provide the city with much needed jobs and diversity in the local property market.”

Michael Menaged of Derwent Southern added: “Our material concern was to ensure our tenant was able to relocate satisfactorily. As the buildings are old, we are pleased that the site will now form part of an exciting new phase in Leicester’s development. We are very happy with the result that Innes England has achieved for us, and dealing with the tenant and developer.”