Nottingham's last remaining Pizza Hut restaurant will remain open after a £1.35million takeover of the site at Castle Marina. Bassi Properties Limited has purchased the freehold of the property which is let to Pizza Hut.
As far as the restaurant is concerned, nothing will change. A fixture at Castle Bridge Road since the early 1990s, the lease is set to run until 2041.
The Nottingham-based property firm already has an extensive portfolio of commercial property both locally and across the Midlands. Avinash Bassi, managing director of Bassi Properties Limited, said about the latest acquisition: "It's already pre-let to Pizza Hut, it's the only one in Nottingham. It's going to remain Pizza Hut and jobs are safe.
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"It's an attractive site where it's situated at Castle Marina. We like to invest in Nottingham if we can."
The company also owns property housing KFC, bookies Bet Fred, Wollaton Co-op and Sainsbury's Local in Waverley Street in Nottingham alongside other commercial premises across the Midlands and an Aldi store in Rochdale.
Bassi Group was founded in 1985 by Avinash and his brother Subhash Bassi, who were market traders at first after moving from India to the UK. The company went on to specialise in making clothing for shops such as House of Fraser, Slaters, Blue Inc, Beales and Big & Tall.
Since then it has grown from a small family business into a large international conglomerate with 100 staff worldwide. The firm ventured into property in 1995, initially focusing on the residential market but in the early 2000s it began to concentrate on commercial properties.
The London-based Acquisition Group purchased the site for the Bassi family. Mr Bassi said: "Once the Acquisition Group made us aware of this opportunity, we immediately agreed to acquire the property for us, as it was something that we were very keen to buy the investment due to a prime location and well established business since 1990s
"We are a family run business that invest long income asserts and we are delighted to have acquired this property, Pizza Hut restaurant at Castle Marina, within a prime location.".
A spokesman for the the Acquisition Group said: "We have developed a great relationship with Bassi Properties and they are a pleasure to deal with. We targeted this site specifically for Bassi Properties and once the site become available, everything moved extremely quick."
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