Some critics have suggested cash-strapped BHS could have got a better price for the building last year and its price tag, understood to be £20 million, is likely to irk creditors.
However, insiders argue the site’s value has been subsequently boosted by new planning permission for a large redevelopment including housing.
Southern Grove, which was advised by Strutt & Parker, will remain as a partner on the project. Its chief executive Andrew Southern said a redevelopment would “bring considerable benefits to the local community”.
Geeta Nanda, chief executive of Thames Valley Housing, added it is an “opportunity to deliver homes for local people in an area where there is incredibly high housing demand”.
BHS has a lease on the shop until 2019, but it is one of 163 stores being wound down after administrator Duff & Phelps admitted no rescue deal for the chain had been secured.
Retail Acquisition’s Dominic Chappell, who took the chain into administration in April this year, told MPs he was “shocked” when he discovered that Green had sold it to Palos.
When Chappell questioned the deal, he claims Green responded: “that’s showbusiness”.
Green told MPs: “It was not my transaction, I was not involved in it.”
