British Land Co. PLC is selling the Arding and Hobbs building in London's Clapham Junction to W Real Estate for £48 million as part of its strategy to move away from high street retail, Property Week reported.

The 1910-built, 140,000-square-foot department store is leased to Debenhams plc for more than 16 years.

The landlord has retained CBRE to sell its remaining Debenhams freeholds in Bournmouth, Cardiff, Chelmsford and Chester, according to the Dec. 12 report.

W Real Estate, which was formerly known as Westminster Real Estate, has not revealed a strategy for the store.

Debenhams is planning to close up to 50 of its 165 stores after posting a record £491.5 million loss in its interim results, the publication added.