A ‘MAJOR international retailer’ is set to move into the ground floor of the former Debenhams unit in Carlisle city centre - as The Lanes shopping centre leasehold also goes up for sale.
The real estate company Savills said that a retailer has agreed terms to move into the unit which closed more than three years ago.
The move to reopen a portion of the major building will be a great boost to the high street which has struggled since the pandemic.
Debenhams closed in the city centre in May 2021 and the building has remained vacant ever since.
The installation of ‘major international retailer’ in the building will be the second such announcement in a year after it was revealed that Tesco would be moving into the former House of Fraser building in the city centre.
Alongside the former Debenhams building, Savills is also marketing the long leasehold for The Lanes shopping centre in the city, which is up for more than £15.7million.
The shopping destination in the heart of the city dominates a significant catchment, with almost 130,000 customers and £879million of retail and leisure expenditure within a 20-minute drivetime.
The asset generates a net operating income of over £1.9m per annum and spans 437,331 square feet, according to Savills.
The Lanes is one of the major shopping destinations in Carlisle and shops include Primark, Next, Superdrug, New Look, River Island, Costa Coffee and Lush.
The director of retail investment at Savills said that this was a ‘rare opportunity’ to acquire the leasehold.
“The offering of The Lanes comes at a favourable time in the UK retail investment market; there are definitely more motivated buyers in the market than we have seen for some time,” said Toby Ogilvie Smals, director of retail investment at Savills.
“Investment volumes are recovering in line with confidence in retail and the desire to capitalise on record high yields.
“We are optimistic that there will be high levels of interest in The Lanes, as it offers rare opportunity to acquire an asset with a high-quality tenant mix alongside attractive asset management opportunities to drive the asset forward.”
The Lanes have been contacted for further comment.
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