The real estate company Savills said that a retailer has agreed terms to move into the unit which closed more than three years ago.
The move to reopen a portion of the major building will be a great boost to the high street which has struggled since the pandemic.
Debenhams closed in the city centre in May 2021 and the building has remained vacant ever since.
Alongside the former Debenhams building, Savills is also marketing the long leasehold for The Lanes shopping centre in the city, which is up for more than £15.7million.
The shopping destination in the heart of the city dominates a significant catchment, with almost 130,000 customers and £879million of retail and leisure expenditure within a 20-minute drivetime.
The asset generates a net operating income of over £1.9m per annum and spans 437,331 square feet, according to Savills.
The Lanes is one of the major shopping destinations in Carlisle and shops include Primark, Next, Superdrug, New Look, River Island, Costa Coffee and Lush.
The Lanes shopping centre in Carlisle (Image: Propertypix.net)
The director of retail investment at Savills said that this was a ‘rare opportunity’ to acquire the leasehold.
“The offering of The Lanes comes at a favourable time in the UK retail investment market; there are definitely more motivated buyers in the market than we have seen for some time,” said Toby Ogilvie Smals, director of retail investment at Savills.
“Investment volumes are recovering in line with confidence in retail and the desire to capitalise on record high yields.
“We are optimistic that there will be high levels of interest in The Lanes, as it offers rare opportunity to acquire an asset with a high-quality tenant mix alongside attractive asset management opportunities to drive the asset forward.”
The arrival of a new retailer has been back by Carlisle MP, Julie Minns.
“A major international retailer potentially taking over the old Debenhams building is very welcome news, and would be a great boost for Carlisle and its city centre,” said Ms Minns.
“Businesses are once again finding confidence in the UK economy thanks to stable government and investment in our public services. Britain is once again open for business.”
The owner of one city centre business said he was ‘interested’ to see which business would take on the space.
“I’m really interested in who’s going to move in, even the ground floor must be 10,000 sq ft+ so will need to be a major player,” said James Hutchinson.
“It’s also interesting that the leasehold for the centre is up for sale which might mean a change of outlook / costs for the empty stores.
“I think that the future of the high street isn’t going to be huge department stores, it should be smaller more niche stores, much more akin to the 50s and 60s where we can fill the gaps which are left by online shopping, which has its place.”
