Department store Debenhams has signed to anchor the Waterside shopping centre at Aylesbury in Buckinghamshire.

The retailer has taken an 80,000 sq ft (7430 sq m) unit at the centre, which is owned by Warner Estate and plans to open a three-storey department store.

Warner Estate hopes to pull in a new level of retail to Aylesbury, which is losing business to nearby High Wycombe and Oxford. The only department store in Aylesbury at present is a 40,000 sq ft (3,715 sq m) Beatties, which is owned by House of Fraser.

The 360,000 sq ft (33,445 sq m) shopping centre is part of a wider regeneration scheme between Warner Estate and Aylesbury Vale district council. It will link up with the existing Hale Leys shopping centre when it is completed, which is expected to be in 2011.

Warner Estate property director Michael Stevens said: “To have a retailer of the calibre of Debenhams coming into the town is a major boost to Aylesbury and will do wonders for the whole area.”

The scheme is being let jointly by agents Cushman & Wakefield and Green & Partners. Cushman & Wakefield senior surveyor Mark Simms said: “Debenhams will fill a void in Aylesbury. It gives the town a critical mass and will strengthen the fashion offering.”