Mystery buyer snaps up Morecambe’s Arndale Centre before auction goes ahead

The centre was due to go under the hammer in an online auction tomorrow Halloween (Tuesday October 31).

A spokesman for Allsop Auctioneers who were marketing the centre said: “Paperwork was exchanged last Thursday before the auction and the centre sold for more than the guide price of £2m.

"There has been lots of interest from all over the country and also internationally.

"We can’t say who the buyer is and the sale price at this time.”

The Arndale shopping complex which was built in 1972, has 41 units, including shops Boots, Iceland, Greggs, Burger King and Poundland, and according to Allsop, an annual commercial rental income of £665,558.

New River REIT, who own shopping centres all over the UK, bought the Arndale in 2014 in a deal worth £14m.

It could be the latest redevelopment project in the area after Eden Project Morecambe was awarded £50m in the second round of the UK Government’s Levelling Up Fund.

In a partnership with Lancashire Enterprise Partnership, Lancaster University, Lancashire County Council and Lancaster City Council, the £100m scheme is planned to open towards the end of 2026 and is expected to bring a lot of trade to the area.

Morecambe's Arndale Centre up for sale for £5m

The news of the centre being sold prior to auction comes 18 months after it was revealed the centre was up for sale for £5m.

New River REIT did not wish to comment.