Hunter sold his Sports Division chain for £290 million ($415 million) in 1998, and reinvested the proceeds in West Coast Capital. £20 million ($29 million) has already been invested in the leisurewear retailer d2 and in a minority stake in Bhs. Now he is targeting property through the Grantchester joint venture.

'This is an exciting opportunity to combine the strengths of the two organisations in driving returns from property portfolios specifically focussed on the retail sector. It is our belief that we can help improve the performance of these assets by providing higher service and product offerings tailored to the retailing sector's existing and future needs,' Hunter said.

The news came as Grantchester unveiled a 20 per cent rise in net asset value to 272p ($3.89) per sahare for the six months to 31 March 2001. Chairman Nick Hewson said the improvement reflected the company's decision to sell off its smaller assets, returning £140 million ($200 million) to shareholders by buying back 46% of the share capital. Grantchester will now focus on development , and three schemes totalling 293,000 sq ft were completed during the period. At the same time £48 million ($69 million) was spent on buying new sites.