Property Developers Buy High Street Department Store for Half the Asking Price

Published on: 22 Sep, 2026
Updated on: 22 Sep, 2026

The former House of Fraser store North Street frontage as displayed on Moretons Investments’ website.

By Martin Giles

The landmark, former House of Fraser store in Guildford High Street has been purchased by Moretons Investments Ltd, a property investment and development company located in Brighton.

The property was previously owned by Canada Life and although their asking price was believed to be about £11 million it is understood to have sold for closer to half that sum.

September 23, 2023: the last day of House of Fraser trading in Guildford. David Rose

Considering the size of the property and its prime, double-fronted, High Street – North Street location, the price is viewed by many as low but a reflection of the state of the retail market, the UK economy and the expected costs of redevelopment.

The purchasers have not responded to our enquiry on what is planned for the site but their website confirms the acquisition while giving no further details.

Amanda Masters, CEO Experience Guildford

Amanda Masters, CEO of Experience Guildford, who looks after the interests of Guildford’s businesses, said: “I am very pleased that there is finally something happening with the building. My hope is that Moretons engage with a premium retailer to take some of the space.

“When House of Fraser closed the ‘shopping day-trip’ market reduced to a degree. Customers used to come to Guildford for the House of Fraser but go on to spend in the surrounding businesses.

“I would welcome those shoppers back, particularly as the women’s fashion and beauty offering in the town has recently expanded with the arrival of Hush and the expansion of Jigsaw and Space NK.

“I am realistic when it comes to large retail space, we are no longer in the department store era. However, if the ground and bottom floors were given to premium retail, there could be space for more leisure use above that.”

Previously, in view of the general demise of large department stores on British high streets, it is expected any redevelopment scheme would at least retain retail space on the ground and lower floor while converting upper floors to residential or other non-retail use.

However a major challenge would be the required levels of natural light. The building forms a large cuboid and an atrium might be required. The high cost of conversion is a likely reason that it has taken so long to find a buyer.

John Rigg

John Rigg, of Guildford Vision Group, former borough councillor and a career Chartered Surveyor, commented: “This is hugely significant for Guildford in terms of supporting our High Street and attracting footfall to the town. However it will not be an easy conversion as a listed building . Hopefully every assistance will be offered by the council and planners to help make a success of this key site in difficult times.”

Ben Darnton

Ben Darnton, of Ben’s Records in Tunsgate, told The Dragon: “It would be good to see the building brought back into use. Currently it is, with the passage of time, inevitably deteriorating and impacting the look of our iconic High Street.

“I have also heard that parkour runners are causing some damage as the roam over the roofscape.”

Parkour runner standing on the glass dome roof at the North Street end of the former department store.

Reportedly Fenwick expressed interest in the lower floors but could not agree terms with the previous developers interested in acquiring the site.

A previously proposed scheme involved lower floor retail with medical and senior living on the upper floors but this did not proceed.

It is understood that Moretons have met with the planning team at GBC but no details are known. The Guildford Dragon has invited the council to comment.

Moretons, according to their website, own approximately 100 commercial properties in the South East, mainly in Brighton, but two other Guildford properties are included in their portfolio, the Gate Boutique at 72-74 High Street and Bensons for Beds at 168.

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