CITY CENTRE SHOPPING COMPLEX SOLD
A CITY centre shopping complex has been sold at auction.
The Deiniol Shopping Centre on High Street, Bangor, includes nearly 30 shop units with brands like Iceland, Vodafone and Specsavers among the occupants.
It went up for auction last week in London with local and national firms eyeing up the prime site.
The 52,000 sq ft site was on the market at a bargain guide price of £300,000 which helped boost interest in the lot.
It sold for £1.37m at The Berkeley, in Knightsbridge, London.
Commercial agent Allsop, which is marketing the site, has been asked for further details about the sale but not responded.
Prior to the sale they said that some interested parties were looking at continuing the centre as it is while others are considering the development opportunities for this well placed property.
While it has been a difficult period for the retail sector, Allsop said there is still a large amount of interest in retail sites like this.
There are more than 20 firms currently trading in the shopping centre.
Speaking ahead of the auction Will Clough, from agent Allsop, said: “This is a large site in the centre of a town/city, people see this as a good opportunity.
“There has been interest in the site for future redevelopment but others looking to come in, roll up their sleeves and continue the centre as it is, potentially adding extra tenants as they go along.
“They want the challenge and can see the potential.”