Joint agents CBRE and Savills sold the property in Market Place for £12m.
The 228,066 sq ft property occupies a 1.37-acre site and is let on a single lease to Debenhams generating a total income of £845,000 per annum.
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Jonathan Allen, associate director of residential development at CBRE (pictured above), said: “The sale of 54-72 Market Place in Romford demonstrates investors’ and developers’ continued strong appetite for assets which benefit from short-term income, underpinned by improving infrastructure and potential latent redevelopment value.”
Future plans for the property will be discussed jointly with Debenhams and Havering Council in due course.