LaSalle Investment Management has exchanged contracts to sell a store occupied by WHSmith at 5-7 Foregate Street to the National Farmers' Union for around £10m.
The NFU owns other property in Chester's 'Rows' retail core and moved to add the WHSmith store to its portfolio off market.
The sale price represents an initial yield of less than 5%, reflecting the rising values for prime property in the current market.
Christopher Dee is advising the NFU. LaSalle Investment Management is advised by Jones Lang LaSalle and Tushingham Moore.
All parties declined to comment.