New owners of Romford Market's £12million Debenhams building revealed
PUBLISHED: 11:09 09 December 2019 | UPDATED: 11:32 09 December 2019
Jon Paul Ladd 2019
The new owners of Romford Market's Debenhams building, which the Recorder revealed was sold for £12million last week, have spoken about their intentions for the future of the site.
News of the sale of 57-72 Romford Market Place broke last Wednesday, December 4, when real estate giants Savills revealed it had played a part in the sale of the property to a private buyer.
Today (Monday, December 9), that buyer was confirmed as private UK investors Mitul Jay Patel and Rohan Jay Patel of NWT Real Estate - a company with registered offices in Paddington.
The purchasers were advised by John Oliver-Bellasis and Idnan Liaqat of Axiom Stone Solicitors based in Mayfair.
Idnan Liaqat, partner and head of real estate at Axiom Stone stated that there were clearly challenges to high street retail however "realistic pricing, good advice and willing sellers will always create deals".
He confirmed on behalf of the purchasers that they are hoping that Debenhams will continue to trade successfully from the site which has been their home in Romford for many years.
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Savills, alongside CBRE - an American real estate investment group - sold 56-72 Market Place on behalf of a private Irish client for £12 million.
The 228,066sq ft property occupies a 1.37 acre site and is let on a single lease to Debenhams, which currently pays £845,000 a year to use the site.
When Savills announced the sale, it stated that many prospective buyers had been interested in the mixed re-development potential of the site, which could also see flats built there.
Toby Ogilvie Smals, investment director at Savills, revealed the real estate firm worked closely with Havering Council during the sales process.
The news prompted a mixed reaction from readers.
On the Recorder's Facebook page, one wrote: "Surely not more flats! The market needs to be revived not turned into another housing estate. Such a shame that Romford is being destroyed."
But another added: "Great idea. It could save the market and attract businesses into the already long term vacant lots around it.
"Debenhams will close eventually so much better that the town move with the times and use space available for the good rather than sentiment."