- Cambrian Way in Carmarthen, West Wales, was only built 30 years ago
An entire shopping centre has been sold for just £300,000 – less than the average price of a British house.
The once-prosperous Cambrian Way in the centre of Carmarthen, West Wales, was built just 34 years ago.
It has now been snapped up in a private sale for just £300,000 – that’s less than the £355,000 price of the average home across Britain – with a local businessman thought to be behind the bid.
The centre is home to eight shops, kiosks and a snooker hall although most are shut up and remain derelict as the centre struggles to attract more shoppers.
The 13,000-population market town has lost the likes of Debenhams, Topshop, River Island and H&M in recent years.
The once-prosperous Cambrian Way in the centre of Carmarthen in West Wales was built just 34 years ago
The centre is home to eight shops, kiosks and a snooker hall although most are shut up and remain derelict
Shopper Valerie Lewis, 58, said: ‘I remember it opening in 1989. It was a busy thoroughfare with people dashing through.
‘But it is a bit of a ghost of businesses past now. It is sad especially at this time of year when people are out Christmas shopping.’
Betting firm Coral still has a shop within the arcade but other large units have laid empty for years.
Allsop Property Auctions said the property boasts a current rental income of £93,500 per year, which is set to rise to almost £100,000 per year by the end of next year.
It is reported a local businessman has clear plans to transform the arcade and return it to its former glory in the very near future.
The size of the property in its entirety is more than 2,600 square metres (more than 28,000 square feet).
Allsop Property Auctions said: ‘Carmarthen is an attractive town and one of the oldest in Wales, located some 20 miles north-west of Swansea and 60 miles from Cardiff.
It has now been snapped up in a private sale for just £300,000 – that’s less than the £355,000 price of the average home across Britain – with a local businessman thought to be behind the bid
‘The town is served by the A40 and A48, which in turn provides direct access to the M4 to the east. The town benefits from direct rail services to London Paddington which takes less than four hours. The property is situated on the west side of Cambrian Place, at its junction with John Street.
‘Occupiers close by include Timpson’s, EE, Lush, Vodafone, M&S, Boots and Superdrug amongst others.’
The adjoining St Catherine’s Walk has been beset by setbacks in recent years, with the loss of retail giants Debenhams, Topshop, River Island, H&M and more.
The average asking price for a UK home has dropped by almost £7,000 this month as sellers became more competitive as they fought to find a buyer for their properties.
With prices expected to fall further in 2024, the property portal Rightmove has reported that the average new seller asking price fell by 1.9 per cent month-on-month to £355,177. That is a drop of £6,966 compared with November.