Savills, alongside CBRE, has sold 56-72 Market Place in Romford, currently home to Debenhams on behalf of a private Irish client for £12m.
The 228,066 sq ft (21,188 sq m) property occupies a 1.37 acre (0.55 hectare) site and is let on a single lease to Debenhams generating a total income of £845,000 per annum. The building fronts Market Place within the main shopping district of Romford and is close to both the Liberty Shopping Centre and Brewery Shopping Centre.
Prospective buyers were interested in the mixed-use redevelopment potential of the site and in particular the potential to build flats in a town which has witnessed significant residential value growth in recent years.
Toby Ogilvie Smals, investment director at Savills, comments: “The Debenhams in Romford was a great project to work on and we are delighted to secure such a strong result for our client. The preparation of the asset for sale was meticulous, working with architects, planners and the Council in order to present the potential for the asset in the best possible light.”
Mark Garmon-Jones, head of Savills Shopping Centre Investment & Repurposing, adds: “We are seeing considerable appetite for redevelopment and repurposing opportunities as investors and developers look to unlock the latent value in retail centres and assets in Greater London and across the rest of the UK.”
Edward de Jonge, residential development director at Savills, said: “Romford offers considerable potential for master planned residential development, we expect interest and investment in this town to grow significantly with the planned opening of Crossrail in 2021”
