Kirkcaldy mall gets new owner
£1 Fife shopping centre sells to investor for £310,000
Centre of attention: The Postings drew headlines with its low reserve price
A shopping centre in Kirkcaldy, which was offered for sale for £1 has attracted a winning bid of £310,000 in a flurry of interest generated at auction.
The Postings mall in the Fife town, attracted about a dozen bidders by internet, phone and those in the room at the London auctioneer Allsop. It was sold to an investor by phone.
The 7,500 sq metre mall was put up for sale after failing to attract enough tenants. Fourteen of its 21 shops are vacant and the cost of running the site is thought to be higher than the £152,000 it generates in rent.
The mall and its 299-space car park opened in 1981 and once housed some of retail’s biggest names but since Tesco closed in 2015 it has become a totem for the decline bricks and mortar retail.
A flight of stairs were cordoned off by the council because of safety concerns and ownr Columbia Threadneedle, a pension fund, put it up for sale last month with its headline-grabbing reserve price.