Investor tops £700,000 for bakery building

Another indication of the strength of the investment market was provided last week when a private investor paid just over £700,000 for a retail and residential building opposite Break for the Border at Lower Stephen Street. Nigel Kingston of Douglas Newman Good Commercial had been quoting a pre-auction guide price of £400,000 to £450,000 for the Patricia Bakery but withdrew the property at auction at £620,000. In subsequent biddings, the price was pushed just over the £700,000 mark - a strong price even in the current bouyant market. The shop has a floor area of 611 sq ft and two overhead floors which are in residential use.