Shops site on sale for £24m
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.
The Debenhams building is included in the £24 million sale