Opening Outlook data file - access denied

I have an Outlook data file created and used when I was running Outlook 2003 on Windows XP-Pro. I've got a new machine now with Windows 7 Home Premium. I'm still running Outlook 2003. When I try to open the data file I get - File access is denied. You do not have the permission required to access the file C:\Users\Valued Customer\Outlook_xxx.pstr

I am logged in as an administrator.
The permissions for all folders in the path and the file itself grant Full Control.

I have changed the owner to my new login.

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