The Debenhams store in Staines has been acquired by a developer to be converted into a residential-led, mixed-use scheme.
Developer Future High Street Living has purchased the site after real estate funding specialist ASK Partners provided it with a £9.5 million loan.
The vacant department store has four storeys and a basement on a 0.66-acre site.
The developer has prepared “indicative plans” for the scheme and said that Spelthorne Council’s emerging regeneration policy includes the site on a ‘preferred option’ list, meaning that it could receive planning permission for around 250 homes.
“We are delighted to have completed this acquisition in collaboration with ASK on such an iconic site, which is line with our vision and ethos at Future High Street Living,” Future High Street Living chief executive, Sam Ginda said.
“We recognise that ex retail sites such as this are ripe for repurposing and investment in developments like this will introduce much-needed new homes and new reasons to visit these areas again.
“We are working very closely with Spelthorne Council to ensure we can deliver a high-quality scheme through design and amenity that the area warrants and for local people and incoming residents.
“This is our fourth acquisition this year and we are very excited to roll out our vision with our valuable funding partners.”