Shops site on sale for £24m

Kentish Gazette Canterbury & District - - Front Page -

One of the city centre’s most valu­able re­tail sites, oc­cu­pied by Deben­hams, has gone on sale for more than £24 mil­lion.

The prop­er­ties in the High Street, Guild­hall Street, Sun Street, Sun Yard and Mercery Lane in­clude the Cotswolds Out­door store.

Deben­hams has a lease on the whole site un­til 2034 and sub-lets part to the Cotswolds shop. The to­tal an­nual rent for the site is more than £1.4m.

Lon­don agent Green and Part­ners says the site com­prises three prop­er­ties made up of an amal­ga­ma­tion of build­ings, from sev­eral pe­ri­ods, the old­est of which dates back to the 1700s.

It de­scribes the area as be­ing at “the core of the city’s main retailing pitch and ben­e­fit­ing from a sig­nif­i­cant vol­ume of foot­fall”.

The site has been put up for sale by its pen­sion fund owner and an­other sig­nif­i­cant in­vestor is be­ing sought to buy it. There is no sug­ges­tion any of the stores will close or move.

Last July, the city coun­cil paid £79 mil­lion for half of the White­fri­ars shop­ping centre, hav­ing bor­rowed the money at a pref­er­en­tial rate in the an­tic­i­pa­tion of a valu­able long term in­vest­ment.

Pic­ture: Tony Flash­man FM3017215

The Deben­hams build­ing is in­cluded in the £24 mil­lion sale

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