Pictured above: Humberstone Gate site in Leicester

Commercial property consultancy Lambert Smith Hampton (LSH) has secured new owners for the Leicester and Sheffield stores of the collapsed music chain Reverb, just six months after its demise.

The larger of the two stores on Humberstone Gate in Leicester, totalling 10,268 sq ft over four floors, was sold to a local property developer for an undisclosed sum.  The property will be redeveloped for residential and commercial use, subject to the appropriate planning permission being granted.

Tom Freer, Retail Agent at LSH Leicester, said: "It is obviously disappointing when any business collapses, particularly one with such historical ties to the city.  However, it is hoped the redevelopment of this once-thriving store will breathe a new lease of life into the area."

In a separate deal, LSH also negotiated the sale of the long leasehold of Reverb's Sheffield store on City Road.  The 4,329 sq ft showroom was purchased by South Yorkshire-based domestic electrical appliance retailer Apollo, which is expanding its operations in the region.

Matthew Barnsdale, Head of Retail Agency at LSH Sheffield said: "We are delighted to have secured a local retailer to occupy the store.  Its prominent roadside location and ample customer car parking made it an ideal site for Apollo."

Mr Freer concluded: "While the sentiment among most investors and developers for large-scale transactions is still one of apprehension, single asset deals offering good-quality, well-located properties are becoming highly sought-after, as these two deals demonstrate."

For more information about Lambert Smith Hampton, please visit their website here: www.lsh.co.uk