Bishop Auckland's newly modernised Newgate Centre has been sold on to specialist developers in an £8m deal.
The new owners are the Oakgate Group, of Wetherby, one of Yorkshire's fastest growing property and investment companies.
They have exchanged contracts with previous owners Asda, who spent £2.5m on improvements after moving out in November to a £15 purpose built store at Wilson's Forge.
Asda described the deal as a vote of confidence in the town. They will work with Oakgate until completion takes place at the end of January.
An Asda spokesman said: "The company felt it was the right time to hand the reins over to a specialist management company with experience of running shopping centres to ensure its ongoing success.
"It was always going to be better if it was taken out of our hands. With Oakgate's experience, there is no question that this is a good thing for Bishop Auckland.
"It is a demonstration of confidence in Bishop Auckland's future that this company has come in."
John Grantham, Oakgate's chief executive, said: "We are delighted to secure this significant deal. We are really looking forward to bringing our vast experience to give the Newgate Centre a huge boost."
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