Debenhams in Romford sold to resi developer

A Debenhams department store in Romford has been sold to an unnamed residential developer for £12m. Savills and CBRE sold the property, at 56-72 Market Place, on behalf of a private Irish client. The 228,066 sq ft department store occupies a 1.37-acre site and is let on a single lease to Debenhams. It generates a total income of £845,000 per annum. Savills said prospective buyers were interested in the mixed-use redevelopment potential of the site; in particular, the potential to build flats in a town that has witnessed “significant” residential value growth in recent years. Toby Ogilvie Smals, investment director