Former Debenhams Store in Gravesend Sold to Private Investor

The former Debenhams store in Gravesend has officially been sold after standing vacant for four years. The freehold of the prominent 76,000 sq ft building was acquired by a private investor, as confirmed by FMX Urban Property Advisers, a London-based consultancy firm.

Details of the Sale

FMX Urban Property Advisers announced the completion of the sale, stating, “After five years of work, countless challenges, and a fair few twists along the way, the sale of the former Debenhams to a private investor has now been completed.” The firm expressed gratitude to its joint agent, Sealeys Walker Jarvis, for their local expertise, particularly during the final stages of the transaction.

The consultancy emphasized the significance of teamwork and market insight in achieving the sale, remarking, “We see this deal as a real testament to our team’s commitment to sticking with a project, adapting to market shifts, and working creatively to deliver a strong result for our client.” This sale is viewed as a potential catalyst for town centre regeneration in Gravesend.

Community Responses and Future Plans

Despite the sale, questions remain regarding the identity of the new owner. When approached for comment, a spokesperson for FMX Urban Property Advisers indicated that the investor wishes to remain confidential. This uncertainty continues to fuel speculation within the community about the future use of the building.

The former Debenhams store closed its doors for the final time on May 2, 2021, following the retailer’s administration and subsequent liquidation. This closure was part of a broader trend affecting high street retailers, and it led to the loss of approximately 12,000 jobs across the UK, with one union describing the event as a “devastating blow to the high street.”

Initially, there were hopes that the store could remain operational. However, these aspirations were dashed when online fashion retailer Boohoo announced its acquisition of the 242-year-old brand, stating it had no plans to keep any of the 118 outlets open.

In the past year, speculation suggested that the Gravesend location might be transformed into a Poundland store, as the discount retailer sought advertisement consent to install an illuminated sign on the shopfront. Although permission was granted in April 2024, no further developments have been reported.

The sale of the former Debenhams building marks a significant moment for the Gravesend community, raising hopes for future revitalization in the area. As the new owner prepares to implement their plans, residents and stakeholders will be keenly observing developments in the coming months.