A major new development has been reached in the sale of the former Debenhams building in Bristol.
The department store in Broadmead went up for sale just days after its permanent closure back on May 15 last year.
It was one of 49 branches across the UK to close after the long-running retailer chain fell into administration.
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Nick Allan, from commercial property agents Cushman and Wakefield, has been marketing the property deal for the former Debenhams site.
He confirmed a new buyer has been identified and a sale has been lined up.
Speaking to Bristol Live, Mr Allen said: "The owners have exchanged conditional contracts for the sale of the property and that's likely to complete within the next four weeks."
Although Mr Allan could not disclose the exact details of the new owner, he said they are involved in "all sectors of property".
Mr Allen said he would be surprised if the property came back to life as purely retail-based, and he would expect to see it come back to life as a mixed-use site.
On the future of The Horsefair site, he added: "There isn't really a long-term solution to that building as just retail it's just far too big."
The shape of retail has changed dramatically over the past decade. Covid, Brexit and the culture of convenience in online shopping have put many shops across the country in jeopardy.
In spite of these damaging repercussions, new figures show that the Bristol shopping area is outperforming the average UK high street.
Although Covid has hit Broadmead hard and footfall is down by over ten per cent this contrasts favourably with the UK average of a twenty-five per cent drop from 2019 figures, according to data from the West of England Combined Authority.
West of England Metro Mayor Dan Norris will visit the area with the Broadmead Business Improvement District (BID) team on Thursday to see how the area is managing amid difficult times for the high street.
What shops would you like to see brought to Broadmead? Let us know in the comments section below
Speaking on the fate of the Bristol shopping district, Mr Norris said: “Broadmead is bouncing back and Viv Kennedy and the BID team are doing a great job.
“Shopping centres at the heart of cities matter, they are part of the life blood of communities, and when they are thriving they give people a real sense of pride in our local area.
“We know there is a cost of living crisis made in Downing Street, and that means people have less money in their pockets to spend but our local efforts are showing Broadmead is resilient and not afraid to try new ideas as we look to the future.”
Bristol mayor Marvin Rees revealed at a press briefing last November that he had met a potential buyer for The Horsefair building.
He also addressed concerns over the future of Broadmead after the losses of Debenhams and Marks & Spencer, two big retail names in the shopping district.
Mr Rees said: “It is going to be more of a mix of retail, residential and destination - because that is what it needs to be to survive.”
M&S ceased trading from their flagship store at the start of this year after 70 years in the city.
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