Iconic hardware store Partridges is to close after the building was bought by a Hadleigh businessman for close to the guide price of £2.25m.

Estate agent Robert Chapman today confirmed to Hadleigh Nub News that the deal has been finalised, contracts were exchanged last Thursday, with the new owners expected to move in around mid October.

Although Mr Chapman would not reveal the name of the buyer, Nub News understands it is Steven O'Leary, who currently owns the Marquis at Layham.

Steven O'Leary, new owner of the Partridges building.

Mr Chapman said: "We were thrilled to be given the opportunity by the owners to offer Partridges and we very much hope the such a landmark building such as Partridges flourishes in its next incarnation.

"It wasn't an easy sale to complete and there have been a few false starts over the years.

"Partridges is an institution in Hadleigh so it will be interesting to see what develops there as it is an asset for the town, and i'm sure will continue to be so.

"The buyer is local and I know there are a lot of plans for regeneration."

Staff were told yesterday that Partridges will close down September 30, as a sing down sale will start on Saturday, July 16.

Partridges current owner, Keith Young, of Cosford Properties, acquired the company in 1984 from the three remaining directors, Frederick Thorpe, Frank Goymour and Leslie Pearson. 

It was put up for sale at £3.25m but did not find a buyer at that price and so the freehold of the Grade II listed building is on the market for £2.25, with Chapman Stickels securing a new owner.

There is permission to build 14 one and two bedroom apartments in the three-storeys, but the ground floor will be used for retail outlets.

A number of possibilities have been spoken about around the town, including a car showroom, luxury spa and beauty salon, but none have been confirmed.

Mr O'Leary has been approached for comment.

Mr O'Leary owns the Marquis at Layham

Partridges began as an ironmongers in 1823 after being opened Thomas Pritty and has reputation as a one-stop shop for everything from a light bulb, or tea pots to mowers.

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