A Welsh shopping centre has been sold at auction for well over its guide price.
Bear Lanes Shopping Centre in Newtown, Powys, houses a host of High Street names, including WH Smith, Nationwide, Superdrug, New Look and Peacocks.
The precinct was built at the site of the Bear Hotel after it was demolished in the 1980s - with the facade rebuilt.
The 40,750 sq ft property went under the hammer this month with Allsop - at a guide price of £1m.
READ MORE: North Wales hotel set for £6.5m redevelopment
There were 41 bids made on the day with four main bidders vying for the centre by the end. The hammer came down at just over £1.3m. The new owner has not been named but Allsop said it was an experienced operator with other properties in the retail sector.
It currently brings in £222,368 p.a. in rent.
A spokesman for Allsop auction said: “There was a lot of interest in the lot and quite a few bidders on it. The vendor was pleased with the result.
"The successful bidder is a regular buyer of shopping parades and centres, owning similar properties. Their plan is to actively manage and improve the site and work to get empty units let."
