A FORMER department store that was home to Marks and Spencer for several decades has been sold for just over half a £1m.
The department store on Stockton High Street, which has been left vacant following the retailers departure in 2018, went to auction in July 2.
It had gone under the hammer with a guide price of £300,000, almost the price of two family homes in the Stockton area - according to Zoopla.
But going for almost double the guide price, the historic building was sold to a 'private investor' for a sum of £555,000, The Echo can confirm.
It had previously been a staple of Stockton High Street with three floors of clothing, food, homeware and a cafe, and present in the town since the 1930s.
Before the auction, Peter Mayo of Acuitus said: “This a substantial property on the High Street and its sale opens up the potential for a new retail use or – subject to planning consent – its conversion to a new use.”
After the sale, Richard Auterac, Acuitus Chairman, said: “The drive to repurpose large parts of the UK’s High Streets is gathering momentum and investors are now looking at a range of alternative uses for properties which have a substantial in-town footprint”.
It's not clear what the new investor will look to do with the site, but planning permission will need to be sought before any change of use can be considered.
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