UK: The Beales department store in Bournemouth store is on the market for £11million, with a range of future conversion uses mooted.
Agents marketing the store say a new owner “could create a new landmark development” in the town centre.
Current owner AEW UK Core Property Fund had proposed to turn the top floors of the building into flats in an effort to make the shop viable, but the idea appears to have been dropped after talks with planners.
Beales went into administration last month and the Bournemouth store is one of 12 which are earmarked for closure over the coming seven weeks.
Tony Brown, owner and chief executive of Beales, said: “I fully understand why the landlord has put the building on the market. Unfortunately there doesn’t seem to be joined-up thinking between the council and its planning department. The hurdles put in the way of the landlord will speed up the closure of the store and make it impossible to maintain Beales in Bournemouth.”
Selling agent TT&G said: “The tenant has recently gone into administration, which may provide an opportunity to negotiate an early surrender of the lease. The administration of the tenant may provide a purchaser with a chance to reposition the existing property to create a new landmark development in the heart of Bournemouth town centre, subject to gaining the necessary consents. The scheme could accommodate a number of different uses including residential, serviced apartment, student accommodation, hotel, aparthotel, retail, leisure and office uses, subject to planning.”
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