Aberdeen’s former John Lewis store is officially off the market after the building was sold for just over £270,000.
Millionaire property developers EP Properties, led by Zakir Issa, have become the new owners of the city centre premises.
The landmark deal is the second purchase of its kind for the developer, who became the proud new owners of the city’s Bon Accord shopping centre in April.
Will John Lewis sale begin new chapter for George Street?
The deal marks a milestone for the future of Norco House following the closure of the department store John Lewis in August 2021.
Its demise came despite a well-supported campaign – backed by The Press and Journal and Evening Express – to save it.
The £270,000 price tag marks a tiny fraction of the £14.3 million paid for the building in 2011, according to Aberdeen and Grampian Chamber of Commerce.
North East Conservative MSP Douglas Lumsden welcomed the news the John Lewis building has been sold.
He said: “No one wanted to see this landmark building in the heart of our city sit empty for years to come so I very much welcome the announcement that it has finally been sold.
“This sale will prevent the John Lewis site from falling further into a state of disrepair which I have previously raised concerns about.
“It will also be a huge boost to George Street to have the building brought back to life which will have substantial benefits to other nearby businesses.”
He added: “Having been purchased by the same property firm that acquired the Bon Accord Centre, I hope this deal will enhance the City Centre Masterplan and be the catalyst for developing both sites together.”
Closure of John Lewis left future of Aberdeen property in limbo
Questions surrounding the future of the George Street premises began swirling following the store’s closure two years ago.
The building was placed on the open market in January 2022, with a price tag of around £5million.
The masterplan featured a number of ambitious ideas, including removing the foundations of the store to create an atrium.
Meanwhile, John Lewis also considered plans to gift the store to the Granite City.
During the pandemic the store became home to a Covid-19 vaccination centre, which has now moved to the Bon Accord Centre.
Who is new owner of John Lewis building?
Developer Zakir Issa is the sibling of the billionaire Issa brothers, Mohsin and Zuber.
The pair, who run Euro Garages Group, also own Asda in a joint venture with TDR Capital.
In April, Zakir’s property company EP Properties purchased the Bon Accord Shopping Centre after it crashed into administration.
The deal, estimated to be worth less than £10 million, was secured following advanced talks with the millionaire.
The Blackburn-based firm is one of the largest privately-owned real estate investment companies in the UK.
The developers own properties across the UK, including one other Scottish site in Glasgow.
Hours after Mr Issa was announced as the new owner, EP properties management sat down for talks with a group keen to open a new indoor food hall on the ground floor.
Read our exclusive report on the plans here.
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