THE freehold for the four-storey Debenhams department store in High Street, Winchester, has changed hands for £11.25m.

British Land previously owned the property, which at 50,216 sq ft is around half the size a football pitch.

Deramore Holdings Limited has now acquired the freehold in a deal made possible by Strutt and Parker.

Scott Mitchell, a partner in Strutt and Parker's retail team, said: "This is a great investment for our client and a good indicator for the market as it demonstrates that strong market cities with steady growth continue to be popular areas of investment with private investors."

The change of ownership will not affect Debenhams, which currently leases the building for around £540,000 per year.

The retailer also has a lease agreement at the property that runs until March 2034.

9:36am Thursday 6th March 2008

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