£1 shopping centre in Kirkcaldy sells for £310,000

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Some 14 of the mall’s 21 shops are vacant

The shopping centre in Fife which was put up for auction with a reserve price of only £1, has been sold for £310,000.

A dozen different bidders competed for just five minutes to buy it some online, some over the phone and some in the room, before a phone bidder won it.

The Postings centre, which has 14 of its 21 shops vacant, was being sold by pension fund Columbia Threadneedle..

It follows a spate of retail closures in the town as shopping increasingly moves online.

The centre contains 21 shop units and a 299-space car park and its tenants include Fife Council, Lloyds Pharmacy and Farmfoods Limited.