Northampton

Corby town centre land sold for more than £70m

Artist's impression of new leisure complex Image copyright Helical Bar
Image caption A planned leisure complex on the site of the former Crown House has been given planning permission

A large section of land in Corby town centre has been sold for more than £70m.

Owners Helical Bar have sold 700,000 sq ft of land including the old shopping district of Corporation Street, the Oasis Retail Park, Willow Place retail centre and a multi-storey car park.

It has been purchased by Europa Capital Partners and Sovereign Land.

Corby Borough Council leader Tom Beattie claimed the sale "is a vote of confidence" for the town.

The land was sold for £71.7m which will be used by Helical to repay about £40m of debt and increase the company's cash reserves.

'Extremely successful'

The company bought it in October 2011.

Planning permission has already been granted for a £10m complex, including an eight-screen Vue cinema, four restaurants, a 500-space car park and a gym, in Elizabeth Street.

Helical Bar investment director, Duncan Walker, said the town centre had been an "extremely successful" asset "having been acquired at the bottom of the market".

He said: "We are pleased to see them passed onto purchasers who will build upon our successes. "

Mr Beattie said: "We are keen to meet with the new owners as soon as possible."

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