Aviva Investors has placed a Debenhams department store in Southampton on the market for a reported £31.25 mln (€35 mln).
According to the report in PropertyWeek, the asset is the largest department store on the south coast of England and the biggest in Aviva's high-street retail portfolio.
Laid out over five floors, with four stories serving customers, the 25,000 m2 property was built in 1959 and is let to the retailer long term with 17 years remaining on the lease.
CWM, who has been appointed to market the property, says the asset has development potential and that despite a refurbishment in 2011, the retailer is interested in downsizing its store space.
Architects are understood to have presented plans for 202 residential units on the rear portion of the site, for private sale or as a student housing scheme.
Aviva, which closed its £1.8bn (€2.1bn) UK commercial property trust to redemptions on July 4 told investors in August that it may remain frozen well into 2017.
'In disposing of properties, we need to ensure we act in the best interests of all investors,' it said at the time in an investor briefing.
