New developer buys Staines Debenhams
A new developer that launched this summer has purchased the Debenhams in Staines, as part of a strategy to redevelop old retail sites.
Future High Street Living has purchased the riverside mixed-use development opportunity in the centre of Staines from Canada Life, for £13m. The acquisition has been backed by a £9.5m loan from Ask Partners.
The 0.66-acre site currently holds a 113,376 sq ft department store built in the 1960s.
A new developer that launched this summer has purchased the Debenhams in Staines, as part of a strategy to redevelop old retail sites.
Future High Street Living has purchased the riverside mixed-use development opportunity in the centre of Staines from Canada Life, for £13m. The acquisition has been backed by a £9.5m loan from Ask Partners.
The 0.66-acre site currently holds a 113,376 sq ft department store built in the 1960s.
The Debenhams was marked for closure earlier this year and has been allocated for redevelopment within Spelthorne Council’s new local plan.
The 99-year freehold was marketed by Allsop following pre-application discussions with the council for a mixed-use scheme.
Future High Street Living said it will build two towers of around 250 homes with complementary retail space, in line with the emerging site allocation.
Birmingham entrepreneur Sam Ginda established Future High Street Living last year, with a vision to revitalise British high streets. The company announced its launch in May.
Ginda is the chief operating officer of Taylor Grange, which has amassed a £500m portfolio of build-to-rent projects in Birmingham under the brand 2020 Living.
The Staines scheme is the fourth and largest for Future High Street Living, with sites across the UK, including a debut scheme in Sandwell at Queen’s Square shopping centre.
Ginda said: “Ex-retail sites such as this are ripe for repurposing, and investing in developments like this will introduce much-needed new homes and new reasons to visit these areas again.”
He added that recent developments had “repositioned Staines as a strong commuter location and set a new benchmark for values in the area, given its situation on the River Thames and excellent connectivity, alongside a rise in demand for this sort of accommodation”.
The acquisition comes as residential developers and BTR investors are increasingly turning to commuter town locations for multi-tenure schemes. Last year, Delph Property’s Kooky launched with a first scheme in Staines at London Square’s development, and Berkeley Homes is also building in the town.
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Image © Allsop
