House of Fraser building up for sale for nearly £5million

House of Fraser

The redevelopment could be used for residential or student accommodation, a hotel or leisure, as well as retail

The home of Bournemouth’s House of Fraser store is on the market for around £5million.

The Old Christchurch Road building is being marketed as a “prime town centre redevelopment/investment opportunity”.

Estate agents say it could be used for residential or student accommodation, a hotel or leisure, as well as retail.

Their sales brochure reveals that House of Fraser is currently paying five per cent of its turnover as rent.

Joint agents Goadsby and Knight Frank say the premises offer “numerous development and asset management opportunities” and offers of at least £4.95m are being sought.

The premises cover half an acre and include 83,384sqft in a basement, ground floor and four further floors.

The agents say there are 436,000 people in the store’s catchment area, with an “estimated shopping population” of 182,000.

Bournemouth is projected to see above average population growth over the period 2019 to 2024. The town’s catchment population is affluent with an over-representation of the most affluent AB and C1 social groups, they add.

There are more than 20,000 students at the town’s two universities and Old Christchurch Road enjoys “excellent footfall”, the agents say.

The building is currently on a “flexible licence” to SDI (Propco 73), trading as House of Fraser.

Directors of SDI (Propco 73) include Mike Ashley, the Sports Direct boss who bought House of Fraser’s assets when the department store chain went into administration in August 2018.

The property is let on flexible terms offering the purchaser an exciting opportunity to reposition the property for a variety of uses including residential, student accommodation, hotel, retail and leisure uses, subject to planning, the agents say.

Bournemouth’s House of Fraser faced closure in 2018, when previous owners put the branch on a list of 31 to be axed in a bid to save the business. But the plan changed after the company went into administration and was bought by Mr Ashley.

House of Fraser is set to be the last of Bournemouth’s big department stores still trading.

The town lost Beales when the company went into administration in early 2020, while its Debenhams in the Square is holding a closing down sale.

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