Browns of Chester, the former Debenhams department store which can trace its roots back to 1791, has been sold.
Irish family-owned business Martin Property Group has acquired the city centre building which had been put up for sale in April with a £4m price tag.
The group acquired the 150,000 sq. ft building from Allsop, on behalf of British Land, for an undisclosed sum.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
The building has been empty since Debenhams closed its doors in May 2021.
Grade I listed, the building incorporates part of the famous Chester Rows and contains many ornate features such as glass-domed roofs, elaborate plasterwork and the Crypt Chambers.
The building fronts onto Eastgate Street and adjoins the 211,845 sq ft Chester Grosvenor Shopping Centre, which Martin Property Group acquired along with the nearby Newgate Street multi-storey car park and Jurys Inn Hotel Leonardo, earlier this year.
Gary Martin, director of Martin Property Group, said: "We’ve made some sizeable investments in Chester over the last few months, and we’re delighted to add such a prominent and important asset to our portfolio.
"As well as having prime frontage onto Chester’s main shopping street, the building also adjoins the Grosvenor Shopping Centre.
"This latest acquisition gives us an opportunity to take a more strategic view of how we breathe positive new life into both of these assets.
"We know we have an important role as the new custodians of this much-loved building, and we will work closely with local stakeholders to develop our plans."
READ NEXT:
Wejo boss talks up 'accelerating momentum' despite losses passing $100m
Essar Oil to build £360m carbon capture plant at Stanlow refinery
'Pressure on' H&M to compete with Primark and Boohoo as it cuts 1,500 jobs
'Very strong recovery' helps The Lowry Hotel return to profit after losing over £3m during pandemic
