Martin Property Group buys former Chester Debenhams

Having already acquired the 212,000 sq ft Grosvenor Shopping Centre, the Belfast-based investor has snapped up the grade one-listed Browns of Chester building. 

Martin Property Group bought the 150,000 sq ft historic Eastgate Street property from British Land for an undisclosed sum. 

Browns was previously occupied by Debenhams and has been vacant since the department store closed in 2021. 

The acquisition follows hot on the heels of another. In August, MPG bought the long-leasehold of the Grosvenor Shopping Centre out of receivership. In November, the firm took complete control of the building, buying the freehold from HIG Capital. 

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.” 

As well as 362,000 sq ft of retail space in Chester, MPG also owns shopping centres in Preston, Hyde and Rochdale.