Bolton based Townson Estates have sold The Arcade, Dewsbury, a Victorian Retail Arcade with 18 units for a figure close to £1,500,000.
The property was acquired almost 2 years ago at a price of £1,000,000 when 5 of the units were vacant. Recognising the opportunity to “add value” Townson Estates acquired The Arcade through Fifield Glyn who were subsequently instructed to manage the property and let the empty space.
After the installation of a new shop front to the main elevation fronting Market Place and the completion of essential repairs and maintenance, The Arcade became an increasingly popular location for a number of local traders and has been fully occupied since October 2005.
The property was entered in to Allsops’ Auction with Fifield Glyn acting as Joint Auctioneers on 22 March but, such was the interest from a number of prospective buyers, contracts were exchanged almost 3 weeks before the date of the auction.
The sale price reflected a net initial yield of just under 7%.