The last remaining Pizza Hut restaurant in Nottingham will remain open after a £1.35m takeover of the site at Castle Marina. Bassi Properties Limited has acquired freehold on the property which is leased from Pizza Hut.
As for the restaurant, nothing will change. A fixture on Castle Bridge Road since the early 1990s, the lease will run until 2041.
The Nottingham-based property company already has an extensive portfolio of commercial properties both locally and in the Midlands. Avinash Bassi, managing director of Bassi Properties Limited, said of the latest acquisition: “It is already pre-let to Pizza Hut, it is the only one in Nottingham. It will remain Pizza Hut and the jobs are secure.”
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“It’s an attractive site where it’s located in Castle Marina. We’d like to invest in Nottingham if we can.”
The company also owns properties that house KFC, Bet Fred bookmakers, Wollaton Co-op and Sainsbury’s Local on Waverley Street in Nottingham along with other retail outlets in the Midlands and an Aldi store in Rochdale.
Bassi Group was founded in 1985 by Avinash and his brother Subhash Bassi, who were initially market traders after moving to the UK from India. The company specialized in making clothing for stores such as House of Fraser, Slaters, Blue Inc, Beales, and Big & Tall.
Since then, it has grown from a small family business to a large international conglomerate with 100 employees around the world. The company ventured into real estate in 1995, initially focusing on the residential market, but in the early 2000s it began concentrating on commercial properties.
London-based Acquisition Group bought the site for the Bassi family. Mr Bassi said: “Once we were made aware of this opportunity by Acquisition Group, we immediately agreed to acquire the property for ourselves as it was something we were very keen to purchase due to a prime location and a well-established business from the 1950s. 1990.
“We are a family business that invests income for the long term and we are delighted to have acquired this property, the Pizza Hut restaurant in Castle Marina, in a prime location.”
An Acquisition Group spokesperson 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 was available everything moved extremely quickly.”