Plymouth’s ex-Debenhams building close to being sold for more than £3.5m

A deal is imminent on the sale of Plymouth’s empty former Debenhams building for more than £3.5m.

The five-storey, city centre edifice has attracted widespread interest from developers since it went on the market in July 2021, and now commercial property experts at Vickery Holman have confirmed an offer has been made at more than the £3.5m asking price and the building is now sold subject to contract.

Vickery Holman can’t yet disclose the buyer or the use to which the former department store will be put, but Joanne High, Plymouth-based head of commercial agency, said prospective buyers had been looking at a wide range of uses – including some very innovative ones such as a conference centre, training base and for entertainment.

Speaking at Vickery Holman’s autumn commercial property update event, she said : “We have been marketing the former Debenhams building in Plymouth and had a great response and the building is now under offer for in excess of the asking price.

“We have had a wide variety of end uses interested from leisure, retail, residential, entertainment, conferencing and training.

“What has been particularly encouraging is the wide variety of uses and ones you would have never considered for the property, which is really exciting. This shows the trend for innovation and repurposing across the retail sector.”

The 159,259sq ft building has been vacant since Debenhams closed it in May 2021. The building’s lease is owned by property giant British Land but it is selling it as a “virtual freehold”, a lease for 985 years, which means it doesn’t expire until December 20, 3006.

The actual freehold is owned by Plymouth City Council, but the building is in a block of buildings for which British Land paid £67m for in 2016 and which also includes the huge House of Fraser store.

When the Debenhams building went on the market it was advertised as ripe for being reconfigured into a range of potential uses, including shops, a cinema, offices and co-working space, and even, somewhat surprisingly, student accommodation.

Trouble retailer Debenhams shut its entire portfolio of more than 90 UK stores in 2021, with abou t12,000 workers losing their jobs closing the door on more than 200 years of trade on the high street. The Debenhams brand continued online after being bought by retailer Boohoo for £55m in January.

The company traces its roots to 1778 when William Clark opened a shop in London’s West End, selling fabrics, bonnets and parasols. In 1813, William Debenham invested in the firm and it was renamed Clark & Debenham.

At one time it was the UK’s largest department store chain, but in recent years struggled with falling profits and rising debts, as more shopping moved online. It called in administrators twice in two years, most recently in April 2020. When the Covid pandemic caused closure of non-essential retail outlets it was the death knell for Debenhams and other retailers such as Top Shop-owner Arcadia.

Elsewhere in Plymouth, the former Co-op store in Peverell Park Road, is to be split into three after receiving little interest in the whole unit. Mrs High said one of these units is now under offer and there have been a “number of offers” for the remaining two, and she added: “That is before work (to divide it) has even started.”