Former Peterborough Beales department store sold for £4m

A former Beales department store in Peterborough has changed hands for a total consideration of £4m.

The property – at Westgate House, 26-38 Westgate – has been acquired by a subsidiary of Bravo Capital from Panther Securities.

The asset comprises 138,977 sq ft of space within a large, predominantly detached, department store building arranged over basement, ground, first, and second floors.

Planning consent to transform the building into a mixed-use development comprising shops, offices, and 125 residential units has already been obtained.

Panther Securities said the property currently produces “negligible” income and its main trading tenant’s letting is on flexible terms and is mainly in place to help mitigate holding costs.

The £4m purchase price represents an increase of £1,410,000 on the current book value for the property, which was last independently revalued at £2,590,000 by Carter Jonas on behalf of the Panther Securities’ lenders as at July 2023.

The purchase will be facilitated through an upfront payment of £3m, with the remainder to be paid across two £500,000 payments made nine and 18 months after the deal’s completion.

Panther Securities said the funds it received from the sale will be initially held for future property investment which has yet to be identified.

Savills acted for Panther Securities.