Stratton Stores secures 15-year future after Bude council sale

The shop on the corner of Lords Court has spent the summer waiting to find out who its landlord will be, and that question has now been settled.

A revised offer, and a check on Asset of Community Value status

Following Bude-Stratton Town Council‘s statement on 31 July about the proposed sale of 1 Lords Court, the prospective purchaser revised their offer after a survey of the property. An Extraordinary Full Council Meeting on 7 September considered the revised position, and councillors resolved to adjourn the matter while further information was gathered, including clarification of a nomination for the building to be listed as an Asset of Community Value (ACV).

Cornwall Council subsequently confirmed that 1 Lords Court did not meet the criteria for ACV listing, and that there were no other outstanding nominations relating to the property.

Two best and final offers

Before the adjourned matter returned to Full Council, a second offer for the building came in. Both prospective purchasers were asked to submit their best and final offers through the Council’s appointed agent.

At the reconvened Extraordinary Full Council Meeting on Thursday 17 September, councillors weighed up the two best and final offers, along with the information supplied with each, and resolved to accept the offer from the purchaser they had already been in negotiations with.

A 15-year lease for Stratton Stores

The building sits above Stratton Stores, on the corner of Lords Court close to the centre of Bude. As part of their best and final offer, the successful purchaser confirmed in writing an intention to offer the existing Stratton Stores and Post Office a new 15-year lease, to support continuity and long-term stability for the shop trading from the ground floor.

The sale will now proceed through the legal conveyancing process and remains subject to completion. Because the transaction is still a live commercial matter, the Council says it is unable to provide further details about the purchaser or the terms of the sale at this stage. A further update will follow when it is in a position to give one.

📷Credit: Rightmove