Plymouth’s huge former Debenhams department store has gone on sale for more than £3.5m and could be turned into small shops, offices - or even student flats.
The city centre building, which has been , is being marketed to potential developers.
They are being told the five-storey pile is 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.
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Student numbers have been declining in the city, with the University of Plymouth bemoaning a £6.9m drop in tuition fees in 2020 as a result, and it already has several blocks of student flats in the city centre with the new 500-bed Plymouth Cross House due to open soon too.
But property consultants at Plymouth’s Vickery Holman and London’s Allsop say there is potential for the Debenhams building to become student accommodation and a brochure said: “ The location of the subject property is ideal for student housing accommodation as supported by nearby dormitories.”
However, it is not the only use the 159,259sq ft building could be put to, especially as the Government recently announced radical changes to the planning system, making it more flexible in a bid to revitalize under-pressure high streets blighted by closed retail outlets.
The sales brochure said: “There is exceptional appetite from both investors and the local council to rejuvenate Plymouth city centre and the subject property will play a pivotal part in increasing the city centre’s offering. There is a clear opportunity for a purchaser to re-purpose the site.”
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With landlords now able to choose “the most viable use” for buildings Vickery Holman and Allsop said there is therefore wide scope for the Debenhams block, which includes the bridge to the next door building.
“The property is well located for retail and leisure purposes and there is potential to create smaller retail units in order for local independent traders to afford the rent and bring a variety of occupiers to the city centre,” the sales brochure said.
It said offices or co-working space is also an option, as rents are forecast to rise post-pandemic, as are leisure uses. The sales brochure particularly highlighted cinemas, mentioning the new nearby Cineworld multiplex and the forthcoming Everyman cinema at Royal William Yard, and saying: “There seems to be a positive sentiment from leisure occupiers emerging from the pandemic.”
The freehold of the Debenhams building is owned by Plymouth City Council, but it is the gigantic national commercial property company British Land which is selling the former Debenhams building. It paid £67m for the huge block of Plymouth city centre shops, which includes the Debenhams and House of Fraser stores, in 2016.
Now it is selling a “virtual freehold”, a 985-year lease, on the property with Vickery Holman saying: “We are instructed to seek offers in excess of £3.5m subject to contract and exclusive of VAT. This equates to a low capital value of £22 per square foot.”