M&G’s Life Fund has put the freehold for its Debenhams store in Guildford up for sale, with a guide price of £20m.
The property, which will be occupied by Debenhams until 2021, is being marketed as a major redevelopment opportunity.
It has scope for residential, including elderly assisted living apartments, hotel, office and entertainment uses, as well as student accommodation, owing to the town’s population of around 16,900 students.
The property comprises 233,704 sq ft on around 1.4 acres, with a significant frontage on the River Wey and direct links to the prime retailing pitch.
The store was originally earmarked for closure this year, as part of the department store’s company voluntary arrangement.
HP Four is advising the vendor on the sale.
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