Panther Securities has offloaded a retail-to-residential play in Peterborough for more than 50% above its last valuation.
The company has exchanged contracts with Bravo Capital for the £4m sale of 26-38 Westgate, a former Beales department store that has planning consent for a 139,000 sq ft mixed-use development of shops, offices and 125 homes.
The site was valued by Carter Jonas in July 2023 at £2.59m. Panther said it produces “negligible income” with an unnamed tenant’s flexible letting “mainly in place to help mitigate holding costs”. Beales exited in 2023, with Panther saying at the time that the store was “uneconomical for them due to high business rates applied to the trading area”.
The deal is expected to close by the end of the year. Panther said it will hold the proceeds for “future property investment which has yet to be identified”.
Panther chairman Andew Perloff’s private company had owned Beales between 2015 and 2018 (see also: Beales boss clinches buyout as department store turmoil grows). Beales entered administration two years later.
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