Specialist business property adviser, Christie & Co, is delighted to announce the leasehold sale of the SPAR convenience store on Ashbourne Road, Uttoxeter, which has been under the same family ownership for over 56 years.
After launching the site to market on a confidential basis, Christie & Co received interest from multiple independent and regional operators, who were attracted to the store’s ideal trading position, close to JCB House, the international headquarters of JCB and the A50 dual carriageway. Speculative buyers also recognised the business’ growth potential.
Dave Morris, Director in Christie & Co’s Retail team handled the sale and comments, “The store presented a good opportunity for an incoming retailer to acquire a well-established convenience store with a good deal of potential. We were pleased with the level of interest from experienced retailers, having launched on a confidential basis.
“The previous owner, David Martin can now enjoy their retirement after running the store for over 56 years. We look forward to seeing the changes that the new owners make over the next few weeks.”
The business has been purchased by Mr Tarsem Singh, who has wasted no time in introducing new services to the store, including a Hermes Parcelshop and a Costa-branded coffee machine, which have seen growth following the COVID 19 national lockdowns and offer an opportunity to grow trade.
Mr Singh comments, “We are delighted to have secured this store. We have taken the decision to convert the store to NISA and have already introduced a number of key changes to increase the number of services the store has for the local community. Dave Morris helped us push this sale through in a very short time frame so that we could open well in advance of Christmas. We would also like to thank David, the former owner for his help and wish him all the best with his retirement.”
SPAR Uttoxeter is the second store in the Martin’s family’s portfolio which Christie & Co has secured a new leaseholder for.
Commenting on the experience, David said, “ I am really pleased with the outcome as Dave Morris from Christie & Co was able to find a tenant for my store promptly and with discretion during a time of national crisis. I would also like to thank my solicitors Mandy Kaur and Rebecca Beecroft at Elliot Mather who were also crucial in pushing this sale through. I am looking forward to a slower pace of life now that I can retire. I am also looking forward to seeing the changes that the new tenant has planned.”