A BUYER has been found for one of Derby's most important retail sites – the former Debenhams store in the heart of the city centre.

The building has become a symbol of how the north of the city has suffered since Westfield opened in October 2007.

The Derby Telegraph understands the sale of the Victoria Street building has been agreed and that Westfield's legal team is finalising a contract.

Westfield had to buy the property as part of the deal to relocate Debenhams to its £340 million shopping centre.

Completing the contract for the change of ownership is expected to take up to three months.

Details of the purchaser are being kept confidential so as not to jeopardise negotiations.

A spokesman for Westfield said: "We are in discussions with a purchaser for the Debenhams unit and will make an announcement when appropriate but we are not in a position to comment further at this stage."

Currently, the ground floor of the building is occupied by budget furniture store Silly Sids.

The Debenhams relocation was a major factor in fewer people visiting Victoria Street, Green Lane and the Cathedral Quarter.

Stephen Jeffery, of estate agent Jeffrey Jones, is the chairman of the St Peter's Quarter Business Improvement District board. He said: "It is good news that a buyer has been found and any movement on the site would be welcome."

Traders have seen takings hit and have criticised Westfield for making little effort to let the shops it owns in Green Lane that it had to acquire with the Debenhams building.

Anthony Hughes runs Shooz4Kids and House of Cards, in Green Lane. Westfield is his landlord.

He said: "If something happens that appeals to the Derby public than that would be brilliant.

"Westfield aren't interested in this end of town. They just want people to park, shop and eat in their shopping centre."

The Cathedral Quarter also suffered.

Julie Ellis-Walford owns lingerie store Can Can, in The Strand.

She said: "I'm glad Westfield have found a buyer for it but they should be ashamed of themselves for letting it go to rack and ruin."

Scott Bacon owned fashion store The Forum, in The Strand Arcade, when Westfield Derby opened.

Mr Bacon, who is now running the two Circus stores in Sadler Gate, said: "When Debenhams went you could see the difference overnight and, three years on, things have not fully recovered. The building has become an eyesore and I hope something is done with it as soon as possible."

The building first went on the market in February 2008 with a price tag of £5 million.

It initially attracted interest from former Derby chairman and property developer Peter Gadsby, Secret Millionaire Chek Whyte and supermarket operators.

Mr Gadsby said: "We had options on land around Debenhams for a substantial redevelopment of the whole Becketwell area but were unable to agree terms with Westfield.

"It was an exasperating experience and I believe that Derby City Council made a big mistake by not forcing Westfield to find a committed developer with funding in place before allowing them to build their shopping centre."

Mr Gadsby's plans included food retailers, cafes and bars, shops and offices.

Tesco also reported that it was considering the site for a second city centre supermarket.

Mr Whyte was also interested. Mr Whyte said: "We were in the throes of buying it and planned to put four or five extra storeys on top for a hotel, maybe student accommodation and retail on the ground floor but all the funding dried up."