Tesco and Sports Direct in Market Harborough up for sale as council winds up property company

Harborough District Council bought the properties, currently occupied by Tesco and Sports Direct, in 2019 through its property company Harborough District Commercial Services Ltd.

This news follows the council's announcement that it would close the company once the properties were officially sold, citing “significant impacts from online shopping and both the immediate and longer-term effects of the Covid pandemic”.

In June, the council claimed its company had renegotiated an extension to the Tesco lease and secured a lease with Sports Direct.

But the council said: “However, these new leases are not as commercially advantageous as previous arrangements. In addition, the flats now require investment which would be best delivered by a new owner.

“Consequently, the shareholders agreed that the assets should be sold and the company wound up as soon as reasonably practicable following the sale.

“The next step is for the company to market the assets for sale through an agent. Once sold, the company will be wound up and any residual assets transferred to the council.”

The properties are up for sale with Lambert Smith Hampton, with an asking price of over £2,670,000.